Pitt Street Mall

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Sydney's Pitt Street Mall has held on to its position as the seventh most expensive retail strip in the world in Cushman &amp; Wakefield's Main Streets Across the World report.
Retail rents on the exclusive row of shops have increased nearly 18 per cent over the year to $16,500 per sqm.
The rents grew more than any other location in the top 10 ranked locations. The likes of Zara, Oroton and Carla Zampatti are located in the pricey precinct.
To enlarge, <a href="https://www.propertyobserver.com.au/images/2019/11/13/world%20wide%20retail%20strips.jpg" target="_blank">click here</a>.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/11/13/world%20wide%20retail%20strips.jpg" alt="">
Pitt Street has recently welcomed luxury skin care giant Aesop, who have introducted an amphitheatre for customers within their new global flagship store which set a new record for retail rents on Pitt Street Mall. 
Matt Hudson, the national director of retail leasing at Cushman &amp; Wakefield Australia and New Zealand said rents in Sydney’s retail core have reached new highs as retailers focus on evolving the customer experience and trialling new store formats to attract shoppers. 
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Hong Kong's Causeway Bay hung on to top spot as the world's most expensive with average rents of $42,065 sqm.
It's the second year in a row Causeway Bay has claimed top spot, following a five year dominance by New York's Upper 5th Avenue which has rents at $34,399 per sqm.
London's New Bond Street makes the top three, some way off, at $26,281 per sqm.
To enlarge, <a href="https://www.propertyobserver.com.au/images/2019/11/13/Asia%20Pacific%20retail%20strips.jpg" target="_blank">click here</a>.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/11/13/Asia%20Pacific%20retail%20strips.jpg" alt="">
Pitt Street Mall ranked third in the Asia Pacific list of most expensive retail strips, while Melbourne's Bourke Street Mall hung on to seventh and Brisbane's Queen Street Mall made it in to the top 10.
Bourke Street Mall sees an average $7,000 per sqm and Queen Street Mall $4,500 per sqm.
Cushman &amp; Wakefield's report suggested Australia's retail market is currently favourable to occupiers and landlords that are more predisposed to capital contributions and rent-free periods.
"As a result, rents in some locations have fallen, particularly in CBD strip retail areas," the report advised.
"In contrast, rents on some of the higher footfall pitches have increased, including Sydney’s George Street which will benefit from the new light rail project.
"Online sales continue to take an increasing share of the market and, with a degree of uncertainty about the medium-term outlook, new entrant retailers are asking for break clauses and/or more flexible terms, while many small businesses are also opting for more temporary pop up activations.
"However, there is strong demand for flagship stores and double height frontages and the concept of ‘click and collect’ mixed with retail experience is growing."
 
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Sydney's Pitt Street Mall the seventh most expensive shopping strip in the world

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JD Sports Fashion has opened in Sydney’s Pitt Street Mall at 400 George Street.
The successful fashion retailer signed a 10-year lease for 1,200 sqm of space across both the ground floor and level one.
The ground floor is functioning as a sporting footwear department store, while the upper level showcases a range of sports clothing and active wear.
Michael Cook, Group Executive, Investa said, the new JD Sports store located within 400 George Street and fronting Pitt Street Mall was the perfect fit.
"If the first few weeks are any guide, JD Sports will emerge as one of the strongest retailers in the city,” he said.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/12/20/JD%202.jpg" alt="">
400 George Street is a 51,000 sqm office and retail complex located in the centre of the Sydney CBD.
Adjoining the office building, Sydney Arcade incorporates over 5,500 sqm of retail space and accommodates leading Australian and international retailers such as Hugo Boss, Telstra Discovery Centre, Mont Blanc and a Woolworths Metro store.
Leasing agent, Alex Alamsyah of Knight Frank completed the leasing transaction in conjunction with Invest.
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JD Sports opens in Pitt Street Mall

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Cushman &amp; Wakefield has been named leasing agents for the ground level retail space at 160 Pitt Street Mall.
The retail space, sized 440 to 450 sqm, has 13m frontage and is owned and occupied by Washington H. Soul Pattinson.
Pitt Street Mall ranks as the 7th most coveted retail destinations world-wide according to the most recent Cushman &amp; Wakefield Main Streets Across the World research, and ranks 3rd in the Asia-Pacific region on a rate per square metre. The average trading figures for the mall currently average at $70,000per square metre.
Ben Tremellen, national director, retail leasing for Cushman &amp; Wakefield, said the site is steeped in iconic retail heritage.
“With the last major lease fronting Pitt Street Mall being the launch of Microsoft’s flagship store in November 2015, and unprecedented moves by global retailers such as Uniqlo taking first floor space, we expect this unique ground floor opportunity to generate a huge amount of local and international interest," he said.
"Ground floor spaces in any the world’s top 10 retail precincts are extremely rare.
“The fact that Pitt Street Mall remains one of the most tightly held retail precincts globally, and with development activity ramping up around King and Castlereagh Streets, the traditional boundaries of the retail core continue to expand. 
Expressions of interest are slated to begin mid June.
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