World Square tops QVB to become Sydney's best performing mall
Sydney’s World Square Shopping Centre has outstripped the Queen Victoria Building, according to the 2014 Shopping Centre News “CBD Guns” survey in a result that is sure to get Sydney retailers talking.
The Brookfield and Arcadia owned World Shopping Centre ranked number one in the survey of highest sales in Moving Annual Turnover – bringing in $17,265 per square metre from a moving annual turnover of $237.94 million. World Square has 16,347 square metres of gross lettable area over three levels.
Ben Davis, precinct manager for World Square, said that they are delighted with the result and achievement in a short time frame. They opened in 2005.
"To be placed in the top five in all ranked categories is a great accomplishment and a result that lays the foundations for an exciting period of change and growth ahead," said Davis.
It has indeed been a busy year, with new brands signing up to World Square, including Guzman Y Gomez and Oliver Brown, and renewals of Hugo Boss, HypeDC and Din Tai Fung restaurant.
"We offer a unique retail proposition in Sydney’s CBD where brands have twice the patronage of Sydney International Airport and have access to a central open space, to engage and motivate customers,” he said.
In total, the centre houses 92 speciality stores, including G Star Raw, Marcs, Cue, Calvin Klein Jeans, Priceline and Coles.
CBRE director of retail services, Leif Olson, said that World Square also includes 90,000 square metres of office space, a 400-room adjoining hotel and a Meriton apartment building.
“World Square is in a unique position to capitalise on the large residential population and workforce surrounding, as well as incorporated, in this asset – all of which has helped leverage this centre to be recognised as one of the country’s best,” said Olson.
Food and beverage turnover experienced 21% growth over the past 12 months, with general retail sales up 11.3% over the period.
“The residential population in this area of the city has flourished in recent years, and this is expected to continue, with increased focus on residential conversion opportunities,” Olson said.
Picture courtesy of Adam J.W.C/Creative Commons