Retail vacancies drop to five-year low on The Parade in Norwood

THE number of empty shops on The Parade is at a five-year low thanks to more niche businesses and improved vibrancy, Norwood traders say, while Prospect Rd is also enjoying a renaissance.

Flower Parade employee Jade Constantinou with some hibiscus plants outside the shop. Picture: AAP/Roy VanDerVegt

THE number of empty shops on The Parade is at a five-year low thanks to more niche businesses and improved vibrancy, Norwood traders say.

A Colliers International report, released this month, found only 2 per cent of 161 shopfronts between Norwood Oval and Portrush Rd were vacant in September, down from 5.7 per cent in 2012.

Only Prospect Rd had a lower vacancy rate, at 1.5 per cent — down from 4.4 per cent the year before.

New shops and restaurants to move to The Parade this year include Cafe Settebello, The Seasonal Garden, Caroma on The Parade and George’s of Norwood.

Vlad Borovac, who owns homeware shop Empress on King William Rd, opened a second store on The Parade in July.

He said more traders with a point of difference had moved to The Parade.

“We have had a great response here because we are doing something different,” Mr Borovac said.

“You have to be very unique now … that is one of the things you need to consider to remain on the field.”

Vlad Borovac with his sons Rafael and Akasha outside his new Empress store on The Parade. Picture: AAP/Morgan Sette

The study, prepared for Unley Council, examined 13 of Adelaide’s key shopping strips.

The Parade’s vacancy rate outperformed Rundle Mall (2.1 per cent), Goodwood Rd (2.7 per cent) and Rundle St (2.8 per cent).

About 7 per cent of the shops on Greenhill Rd and King William Rd were empty, while Unley Rd recorded a vacancy rate of about 5 per cent.

Shouz manager Kate McInerney said traders and customers were attracted to The Parade because of its mix of shops.

“I think the fact that we have the movies, Foodland and a great array of cafes and restaurants, combined with some multinational retailers and local boutiques, (makes it attractive),” she said.

The Flower Parade employee Jade Constantinou said The Parade was a “cool little strip” that was very convenient.

“There (are) a lot more people constantly around … and the street has a good atmosphere,” she said.

“Everything is easy to get to and parking is much easier than going to the city.”

The new Palace Nova Prospect Cinema, whose retail spaces are already full.

Prospect Mayor David O’Loughlin said his council’s strategy of improving Prospect Rd’s streetscape over the past seven years was “paying dividends” with the low vacancy rate.

“We’ve invested heavily in the public realm,” Mr O’Loughlin said.

“We continue to invest in training with local businesses and we’re attracting serious investors and proven performers (to Prospect Rd).”

Rather than the low vacancy rate spurring the creation of more retail space, he expected it would encourage property owners to upgrade existing shops to attract more rent.

Dress shop Montaigo moved into vacant premises on Prospect Rd in August after 15 years at Holdfast Shores in Glenelg.

Sales assistant Mary Tziortzis said it was the right move.

“We could see the potential for growth,” Mrs Tziortzis said.

“We were trying to find somewhere suitable for our business and this came up, and it was really good.

“There’s been a tremendous increase from where we were — and the rent is lower, too.”