Luxury Brands Converge On Sydney’s CBD
Renewed interest in luxury brands is driving the demand for prime Sydney CBD retail locations, according to Ray White.
Head of Research at Ray White Commercial, Vanessa Rader, said a “growing appetite” for luxury brands has led to an increase in the personal and household goods retailing segment.
Jewellery retailers now account for 21.5 per cent of stores, followed by clothing and soft goods, which account for 31.2 per cent.
Services such as banks, communications, beauty and medical contribute 16.1 per cent.
Ms Rader said an increasing number of international luxury brands have moved into Sydney CBD retail areas during the past two years.
“The growing emphasis on these establishments within our CBD brings a new level of quality and activity back to the city after a difficult few years and now represents 23.4 per cent of our street-fronted shops within our prime retail core,” Ms Rader said.