Sydney’s World Square Shopping Centre has emerged as the top CBD mall performer in Australia, beating rival centres such as the iconic Queen Victoria Building for the first time.
According to the 2014 Shopping Centre News “CBD Guns” survey, the Brookfield and Arcadia-owned World Shopping Centre was rated number one in the country for highest sales in Moving Annual Turnover (MAT) with $17,265psqm.
The Queen Victoria Building was rated the second highest with $17,017psqm, followed by the Strand Arcade, also in Sydney, with $16,526psqm.
CBRE Director of Retail Services Leif Olson attributed World Square Shopping Centre’s strong performance to its diversity as a mixed use asset and position in one of the country’s most densely populated areas.
“This premium retail precinct combines not only some of the best shopping options in the CBD, but it also comprises 90,000sqm of office space, an adjoining 400-room hotel and Meriton apartment building,” Mr Olson said.
“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.”
Figures show that over the past 12 months, food and beverage turnover at World Square experienced 21% growth, while general retail sales surged 11.3% over the same period to $226 million per annum.
Opening in 2005, the World Square Shopping Centre sprawls over an entire city block, bounded by George, Liverpool, Pitt and Goulburn streets.
The centre receives 25 million visitors per annum and comprises a Coles supermarket, Rebel Sport, JB Hi-Fi, Priceline and more than 90 specialty stores.
Mr Olson said the growing residential population in Sydney’s southern CBD was a factor underpinning its success.
“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,” Mr Olson explained.