Best Sydney streets for retail revealed
These are the best streets to own a business in Sydney. Picture: Justin Lloyd.
These could be the best streets in Sydney to own a business.
New research from Ray White Group has revealed the prime positions retail business are taking up this year.
According to head of research at Ray White Group, Vanessa Rader, rising interest rates and an overall decline in retail trading has not deterred the retail sector, which experienced an improvement in the last 12 months.
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“The area described as ‘super prime’ being the Pitt Street mall precinct, is boasting zero vacancy after reaching 8 per cent last year,” Ms Rader said.
Ray White’s recent survey of the Sydney prime retail core, which includes Martin Place, Castlereagh, Park and George Streets, has recorded total vacancy at 8.3 per cent down from 10.2 per cent in January 2023.
Luxury retails had grown their footprint in 2023. Picture: Sam Ruttyn
Ms Rader noted luxury retailers had continued to grow their footprint, with an increase in mainly international retailers, notably offering clothing, footwear and other personal goods such as jewellery and bags.
“This year we have seen luxury retailers account for 25.7 per cent of all shops surveyed up from 23.3 per cent 12 months prior,” she said.
The research showed King Street recorded full capacity, with no retail vacancy and 70 per cent of the shops were considered luxury retailers. Market St also recorded full capacity, with one quarter of the shops luxury retailers.
Sydney’s CBD returning back to a “true retail experience.” Picture: Sam Ruttyn
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Clothing and soft goods make up 33.2 per cent of all shops, while other personal and household goods have increased due to some new jewellery and accessory stores, according to Ray White Commercial’s research.
Sydney’s CBD retail was returning back to a “true retail experience of years gone by,” Ms Rader said.
“Where weekend window shopping, trying on clothes and stopping for a coffee was the priority rather than stopping in for a medical or beauty procedure.”
