Papamoa’s status as a regional retail powerhouse looks set to grow with the announcement that CBRE New Zealand’s Retail Services division has been appointed to attract new retail brands to the expanding Papamoa Plaza shopping centre.
As the sole agent at Papamoa Plaza, which is anchored by Countdown and The Warehouse, CBRE will lead the leasing work as part of a two phase project to refurbish 14,000sqm of retail space opening in September this year, plus the addition of 6,000sqm of new space over the next 12 months.
Jonathan Curtis, associate director of Retail Services, says, “This is great news for shoppers across the Tauranga, Mt Maunganui and Papamoa region – and for any retail brands looking to get into the heart of this rapidly growing retail scene.
“Papamoa Plaza is the only covered shopping area servicing the expanding Papamoa residential area. Currently offering 25 retail stores that attract more than 2.5 million people and generate more than $52 million in annual sales, the work we are doing will add fashion and food offerings as the centre aims to become the region’s largest single-site offer servicing Tauranga’s largest suburb and surrounding area.”
This news follows a recent nationwide CBRE retail consumer survey that revealed that a bricks and mortar shopping experience is still attractive to younger shoppers, with 24 per cent of the 18 to 24 year old age group intending to spend more in bricks and mortar shops over the next two years while 43 per cent expect to increase their online expenditure.
Grant Unsworth, CBRE NZ’s national director of Retail Services says the current and expected future shopping habits highlighted in the report are encouraging for bricks and mortar retailers and owners of retail property.
“Online retailing is a well known trend. However, what the survey illustrates is the ongoing relevance of bricks and mortar, particularly among lower income brackets and those aged 18 to 34. Retailers and centres that adopt dual “bricks and clicks” strategies will also be well placed. Shopping centres must also continue to improve and offer shoppers convenience, plenty of parking, an attractive environment and other compelling reasons to visit.”