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Australia sees overseas retail ...

Australia sees overseas retail investment

Shops take advantage of favourable economy.

The country has seen an increase in the number of overseas retail firms opening up locally-based stores.

Big names such as Spanish clothes chain Zara and the UK's Topshop brand have recently developed shops across Australia, while many other retailers are considering branching out down-under as well.

It is estimated around ten international retailers have opened new operations over the past 18 months as the economy continues to attract positive consumer spending, reports the Sydney Morning Herald.

Interest has also been driven by a number of key inner-city redevelopments, such as Westfield’s Pitt Street Mall project, and the ongoing construction of the Emporium site in central Melbourne.

Alex Alamsyah, director of retail leasing at Knight Frank, explained many of the international brands are looking for large properties to support their first ventures into the Australian marketplace.

"Super brands like Uniqlo, Forever 21, H&M, M&S and so on must have 2,000-3,000 square metre Sydney and Melbourne CBD stores if they were to consider the Australian market," he said.

Last week, Australian department store DJ celebrated the Chinese New Year in a bid to capitalise on the strong interest in the country from Asian tourists.

Posted by Steve Douglas.

All information provided is of a general nature only and does not take into account your personal financial circumstances or objectives. Before making a decision on the basis of this material, you need to consider, with or without the assistance of a financial adviser, whether the material is appropriate in light of your individual needs and circumstances. This information does not constitute a recommendation to invest in or take out any of the products or services provided by SMATS Services (Australia) Pty Ltd or Australasian Taxation Services Pty Ltd.

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