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.
Popular News 2012 Year of Australian Commercial Property?
Commercial Property in Australia Buying property in Australia
Guides & Resources Commercial & Industrial Property Articles and Guides
Copyright © 2013 CommercialAsia.com. All Rights Reserved. A member of iProperty Group.