QUEEN STREET MALL LURES JAPANESE RETAIL GIANT
Written on the 4 June 2013
This week’s arrival of Japanese retail giant Daiso to the Queen Street Mall Myer Centre underlines commercial confidence, according to Lord Mayor of Brisbane Cr Graham Quirk.
“Queen Street Mall is the most successful pedestrian mall in Australia with 26 million visitors a year and one of the lowest vacancy rates at approximately 1.9 per cent.
“The opening of Daiso here this week is yet another example of Brisbane attracting the interest and investment of major international retailers,” he says.
The Japanese mega-retailer, known as 100 Yen Shop in Japan, is promising to be unlike anything Queenslanders have seen before, with more than 70,000 products all with a price tag of $2.80.
In the last 18 months, Queen Street Mall had a $100 million redevelopment of the Wintergarden building and a $14 million redevelopment of the Hilton Hotel.
The Industry Superannuation Property Trust (ISPT) has also proposed plans for a $70 million retail store in the Queen Street Mall.
With more upgrades earmarked, Brisbane Marketing CBD Director Megan Barron says the mall is attracting major international retailers.
“These international retailers [who are] choosing Brisbane have a very detailed and strategic recipe for success. They do their homework to ensure the growth is there and the figures stack up,” she says.
“We are seeing a wave of renewal in the QSM at the moment, making sure it’s an attractive destination for shoppers and potential investors.
“Brisbane Marketing and Brisbane City Council are actively involved in generating this investment activity making sure the QSM is an attractive destination for shoppers and potential investors,” she says.