Total monthly retail sales at Stockland Merrylands were up by more than 70 per cent and customer numbers increased by more than 40 per cent, compared to October last year, said John Schroder, Group Executive and CEO Commercial Property.
“On average, each customer is spending 20 per cent more at the new shopping centre. The centre opened fully leased with 85 per cent major national and regional chains, and unique independents which will result in a high-performing retail centre,” said Mr Scroder.
“This is the only retail facility in the entire trade area to feature three new discount department stores along with three supermarket tenants anchoring the fresh food market.
“Initial results have exceeded our expectations. The debut performance of the redeveloped centre augers well for the future of bricks and mortar retail, where centres are well-designed to cater to the community they serve,” said Mr Schroder.
The Stockland Merrylands redevelopment is the largest retail project ever undertaken by Stockland, which has effectively tripled the size of the shopping centre to create a floor area of some 60,000sqm.
Stockland predicts total trade area sales growth of 3.8 per cent per annum, underpinned by strong population growth within the same trade area, rising from a current figure of 158,000 people to 175,000 people by 2021.
