New Retail Shops Changing CBD Shopping Hub

Landlords at the Pitt Street Mall are in a competitive mode against landlords at George Street, as the two areas try to attract more international retailers that could entice more shopping activity.

Because of the competition, and a growing demand for more international brands, tenants are actually signing on leases for these prime lots. Properties that are up for grabbing are fit for showrooms, government leasing sites and technology retailers who continuously launch new products.

Pitt Street Mall used to be the hub for hip, young and trendy high-end fashion enthusiasts. But because there is a demand for more discount outlet stores, as well as more digitally-centered products, the site is adapting a new approach to cater to this.

Pop-up stores have become a familiar sight in this district in Sydney, and developers are proposing more apartment blocks for shops down on George Street. The success of the Apple Store in this area has become the framework for many property owners, so much that landlords are encouraged to seek international technology brands, such as Nokia, to lease into their establishments.

Meanwhile, the Chinese government has agreed to an eight year lease in a property at Castlereagh Street, which is owned by Blackstone. There are plans to open a library and a gallery to promote Chinese heritage in Sydney. The site should be finish by Christmas time.

Similarly, Korea has also signed a ten year lease along Elizabeth Street, and there are plans to turn this hub into a Korean cultural site, as well.