Update on the Australian Retail Real Estate Sector & QIC Global Real Estate Outlook
Outlook on the Australian Retail Sector
COVID-19 has significantly disrupted Australia’s social, health and economic landscape. Australia’s current focus is on the response to the crisis and planning for recovery. However, post-recovery, the crisis will likely continue to reverberate across society and the economy. While it’s premature to be definitive on what the longer-term impacts will be for the retail sector, some early assessments can be drawn.
Due to COVID-19, the Australian retail real estate industry is witnessing an acceleration of structural changes the sector was already experiencing, such as consumer behaviour and consumption shifts, online retail penetration, and bifurcation of retail centres between those that present a value proposition to customers and tenants and those that do not.
