Dunedin’s leading retailers, hospitality operators, bankers and commercial property investor were told the city’s CBD is in need of vision, strategy and investment last night. Speaking at an insight event organised by Colliers International, Chris Wilkinson of First Retail Group, told the audience that city leaders and stakeholders need to act swiftly to maintain good commercial guardianship of the CBD. While recent spending figures from Marketview show Dunedin is lagging behind
other main centres, Wilkinson suggested this could be turned around successfully through practical strategy and curation.
“Consumers’ needs and expectations have changed significantly in recent years and the city needs to respond with a fresh offer that ‘re-welcomes’ shoppers to the CBD,” he told the audience.
Dunedin’s retail vacancy rate is relatively low in the prime areas of the city; however larger spaces are becoming available. The CBD also has a number of sites that are less suitable for modern retailing needs, according to Wilkinson.
The good news is that retailers are investing in the city.
Wilkinson pointed out that local, national and international businesses have recognised potential and are locating to Dunedin, expanding existing operations and improving store environments. This contrasts with some other NZ towns and cities where retailers are reluctant to spend on improvement or expansion.
“CBD issues across the world are complex but can be overcome if councils recognise the value a city’s heart plays in the wider economy by developing an integrated approach to strategy and performance,” said Wilkinson. “Too often, piecemeal or kneejerk reactions are made which can do more harm than good.”
CBD success is expected to be a key topic in next year’s local body elections. The large turnout of stakeholders included representatives from local government who are keen to hear how other cities are managing spending attrition and commercial resilience.