September 25, 2012
Shopping mall landlords in Australia take another hit as shoe chain Payless Shoes announces voluntary administration.
Underscoring the troubles facing Australian retail landlords, the voluntary administration of one of the largest discount shoe chains in the world has mall space owners staring down yet another setback.
The collapse of Payless Shoes was seen as a result of stiff competition from cheaper players and specialised shoe stores, as well as an inability to connect meaningfully with customers.
In Australia, Payless Shoes' uncertain future could result in the withdrawal of 234 outlets the chain currently operates throughout the country.
Centro and Westfield are expected to be hardest hit should a mass closure ensue.
Westfield is the landlord of 30 Payless Shoes outlets, of which 13 are located in NSW.There are another six outlets each in Victorian and Queensland Westfields, along with two each in the ACT and Western Australia and one in South Australia.
Centro Centres has 14 NSW Payless Shoes stores, followed by 10 in Victoria, six in Queensland, three in Western Australia and one each in South Australia and Tasmania.
NSW has the highest number of Payless Shoes outlets, with 105 out of the grand total of 234 stores. Second was Queensland with 54 stores; Victoria third with 44, followed by 15 in Western Australia, seven in Tasmania, five in South Australia and only four in the ACT.
Tags: Business space, Shop for lease, Income properties
Retail Property News
, business space
, Income properties
, Shop for lease