Broadway Sydney has retained its No 1 ranking in Australia for a sixth consecutive year, winning the 2018 Shopping Centre News (SCN) Big Guns Award for moving annual turnover per square metre (MAT/m2).
Broadway secured its No 1 title thanks to a MAT/m2 figure of $14,545 per square metre and an outstanding 11 per cent MAT increase to $631 million on last year.
Co-owned by Perron Group and Mirvac, the urban centre boasts a gross lettable area of over 52,700 square metres and includes a host of in-demand retailers, including global powerhouses H&M, Calvin Klein Underwear and Sephora, along with an enviable food line-up, with Sushi Hon, Bondi Pizza, Grill’d Burger and Guzman Y Gomez. The year of strong performance follows the highly successful $55 million redevelopment of Level 2, completed in August 2016.
Mirvac’s Head of Retail, Susan MacDonald, commented, “Broadway Sydney is growing from strength to strength and winning the SCN Big Guns Award for the sixth year in a row is an exceptional achievement for the team. Holding an invaluable position within the community, the centre has continued to thrive through redevelopment and tenant remixing.
“Over the past few years we have been doing things differently; unlocking and creating value across our existing assets and focusing on experiential investment. With the continuing evolution occurring in retail we remain focussed on the customer journey including how to leverage digital technologies through collaborative partnerships.
“We are constantly reassessing the relevance of our retail assets, utilising data on consumer behaviour and environment, to determine if we have the right retail in the right markets. Broadway is a testament to this process and I’m looking forward to seeing the centre’s growth in what is expected to be an innovative year.”
Mirvac’s urban retail strategy is the key driver to its continued strong performance, with Mirvac Retail investing in Broadway’s infrastructure to improve the customer experience both in-centre and online. The centre’s position and appeal has led to industry-first partnerships and collaborations with leaders such as Mall Ops and foodora, as well as seeing Tesla select Broadway for their first inner-city superchargers in a retail space.
Additional portfolio success includes another SCN Mini Guns win for East Village Shopping Centre and acclaimed repositioning of assets in Queensland through redevelopment, remixing and digital integration.