The sole outlet shopping centre in Melbourne’s CBD is today a bustling retail destination in a prime location.
A stellar example of a thriving retail hub, the Spencer Outlet offers more than 100 specialty stores and boasts favourite big name retailers, quality eateries, Coles Supermarket and a Chemist Warehouse.
But its story was quite different almost a decade ago when it was regarded as a distressed asset. It had a high vacancy rate, poor tenant retention, falling customer traffic plus declining income and turnover.
With RetPro’s knowledge, experience and highly-skilled teams of experts, The Spencer Outlet was not just revived but again became very successful and profitable for the owners.
RetPro were successful in repositioning the distressed asset from December 2013 to October 2015 for Morgan Stanley/Blackstone, they delivered a solid leasing strategy oer the 24-month period creating significant upturn for the asset which continues from strength-to-strength.
The RetPro team managed to improve the centre’s tenancy mix and reposition it to attract new and quality tenants and consumers, and successfully negotiated 140 deals over a two-year period.
Leasing specialists were among a dedicated team of experts that implemented ideas and strategies, including improvements to the layout of floor space, and upgrading the food court, dining and beverage options.
RetPro’s team of in-house leasing and masterplanning experts specialists,were engaged and empowered for the Spencer Outlet project, which resulted in the value of the centre going through the roof. It is now a successful and fully leased centre.
The RetPro team introduced specialty stores like TK Maxx, Harris Scarfe and Cotton On Mega, grew turnover and income, reduced vacancies to zero, increased foot traffic by nearly 1 million, and also reduced debt and holdover lease agreements.
The owners sold the centre in October 2015.