Retail park stores must add value to consumers' shopping experience if they are to retain their appeal, research by Verdict reveals.
According to Out-of-town Retailing 2003, 21 per cent of consumers shop at open-air retail parks more often than the high street. However, 46 per cent - 15 per cent more than last year - said they prefer the ambience and quality of high street facilities, and most shoppers do not want more retail parks to be built.
Like-for-like sales on the high street rose 3.4 per cent during last year, about three times faster than out-of-town developments.
Last year, clothing and general merchandise accounted for 4.9 per cent and 8 per cent respectively of parks' sales space. Despite the rental premiums - out-of-town rents rose 7.8 per cent in the year to June last year, compared with just 1.6 per cent on the high street - big names such as Argos, JJB Sports, Woolworths Big W and Next are keen to trade there.
To compete, park retailers must think carefully about their ranges and make the most of out-of-store marketing, says Verdict.
They should also consider initiatives to encourage weekday shoppers and 'retailment'. A strong and complementary tenant mix and a well-serviced infrastructure are also important.
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