2020 RETAIL MARKET OUTLOOK
Over 270 property professionals attended the Property Council’s Queensland 2020 Retail Market Outlook Breakfast at the Brisbane Convention and Exhibition Centre.
In his keynote address, Ian Shimmin, Director - Urbis, outlined the key macro-economic conditions, emerging trends, and future opportunities currently shaping the retail market. Overcoming challenges and adapting to the structural changes in the retail environment was core component of Ian’s speech.
Ian was joined by Graeme Wakefield, Head of Retail – CBRE, Angela Buckley, General Manager of Capital Transactions – Mirvac, and Salvatore Guardala, Chief Operating Officer - Lancini Property Group. The panel was moderated by Kate Wicks, Coles State Leasing Manager.
Together the panel engaged in a lively discussion on the key factors influencing the retail sector’s transition into a digitised age.
Graeme Wakefield emphasised how data collection and analysis would be paramount in allowing the sector to understand and respond to changing customers. Data will become critical in allowing the retail sector to stay ahead of the curve and answer changing consumer patterns.
The need to create partnerships was discussed by Angela Buckley who spoke on the new opportunities offered by information sharing and how the onus was on companies to understand their partner’s business needs. Angela also addressed the changing dynamics of the retail industry and how digital start-ups were transitioning to ‘bricks and mortar’ stores far quicker than before.
Salvatore Guardala reinforced the need to focus on partnerships. Doing so will allow companies to leverage off their partners and add value to their business. Changing the relationship dynamic between the lessor and lessee would be core part of this model. Additionally, retail companies needed to prioritise customer service, this was especially critical for companies transitioning from a digital business to operating a physical storefront.
The Property Council would like to thank the guest speakers for their time and special thanks to our event sponsor and corporate partner CBRE.
To view photos taken at the Queensland Property Council’s Retail Market Outlook, please visit the Property Council’s Facebook page.