We’ve all seen the recent news on the ailing apparel retail market with Myer and David Jones closing stores and reducing staff. But, business is booming in the food and beverage sector, especially in Sydney. Much of this boom is fuelled by the strong tourism Sydney enjoys.
Over 10 million domestic visitors and 4 million international tourists visited Sydney last year alone. Furthermore, Australia is experiencing growth in international tourists, with 8.5 million visitors for the year ending March 2019 which is an increase of 3% from last year.
People on holiday want to enjoy casual and fine dining around the city. They want to see the views and experience the eclectic flavours the city has to offer. They venture out to dine and socialise instead of ordering dinner on an app. The increase in international travel and the use of social media apps such as Instagram has also elevated the expectations of patrons.
This has caused a shift in consumers wanting to see more sophisticated offerings that are Instagram ready.With this strong demand and increased expectations from consumers, there's a higher demand for dining and café spaces in Sydney. Australian restaurants now bring in $19bn of revenue annually and employ close to 200,000 people. This growth is attracting international brands, especially from Asia.
Jollibee, one of the biggest fast food chains in Asia, is one of the new players looking to make a splash into the Australian market. They currently have 15 brands in their portfolio and operate more than 4,600 outlets in 18 countries and territories in Asia and the Middle East, North America and Europe.
Tenant CS has been appointed to help Jollibee expand in the Australian market. We are handling Jollibee's operational site requirements with their first stores in the Sydney CBD and Western Sydney. This includes site identification and lease negotiations to secure the best space for their Australian stores. We are also developing the market strategy for their introduction to the Sydney market with demographic research and analysis and brand awareness.
Tenant CS is excited to help other companies find the best locations and real estate solutions for their business. We do much more than negotiate for the best terms and price on site selection. We also develop brand positioning, market & demographic analysis, strategic review and even lease portfolio management for multiple site brands.Read more about why it pays to have a tenant advisor on your side.
Want more information about what to look for when it comes to negotiating your lease? Read our Commercial Leasing Agreement Checklist before signing on the dotted line.