Retailers expand to tap population growth

3rd April 2010

After a two-year hiatus, shopping centre owners will start work on $10 billion worth of developments this year, as retailers expand to in response to Australia’s population growth. Among the bigger projects scheduled to start in the next 12 months are the $350 million extension of the Macquarie Centre in Sydney’s North Ryde and the $300m expansion of Highpoint Shopping Centre in Melbourne. Collectively, these developments will create thousands of square metres to cater to the expansion of Aldi, JB Hi-FI, Rebel Sport, Myer and David Jones. The retailers are expanding to service Australia’s growing population, according to demographer Gavin Duane, of Duane Location IQ. According to the ABS, a record 444,000 migrants came to Australia last year. Duane says population growth in the past year could support at least 50 new supermarkets.