New shops open on Glenelg’s Jetty Rd, slashing vacancy rates in half

ONE of Adelaide’s premier shopping destinations is experiencing a revival, with vacancy rates being slashed in half since September.

JETTY Rd’s vacancy rate has halved since September as business confidence improves on the back of investment in the strip.

Holdfast Bay Council figures show 11 of the 176 business premises on Jetty Rd, Glenelg, are vacant, down from 21 vacancies in September.

Jetty Rd Mainstreet Committee chairman Mark Faulkner said the tenancy rate was the best he had seen in at least five years and major projects, such as the new $17 million cinema, would help secure the street’s future.

“I’d like to think the hard work and innovative ideas from the committee over the past years have made a huge difference invigorating Jetty Rd,” Mr Faulkner said.

“So far in the last six months we have had the Tour Down Under street party and the Openair Cinema, which just wrapped up.

“Due to the success of Winter Wonderland last year it is back and bigger than ever.

“Once the cinema is opened (this summer) we will notice an immediate boom with traders.”

A report by property giant Savills showed the vacancy rate on the strip was 12.14 per cent in September.

Council figures show it is now 6.25 per cent on Jetty Rd and 6.36 per cent across the wider Glenelg precinct.

The committee, which is funded by a traders’ levy, has budgeted $125,000 towards marketing and $283,000 for events in 2015-16.

Holdfast Bay Mayor Stephen Patterson said shops such as Silk Laser Clinic and Lumiere Clothing had opened in the past six months.

The strip had also attracted interstate businesses including Bronze Snake, Beach Burrito and Jeans Corporation since September.

“A number of traders are making significant investments in shop fit-outs and refurbishments, and we know that several landlords are currently negotiating contracts to lease out space, so this all indicates a growing momentum for the precinct,” Mr Patterson said.

“The results of our recent business confidence survey show that the majority of the Glenelg retail sector believes the Holdfast Bay economy will remain consistent in the next 12 months.”

Mr Patterson said the new eight-cinema complex, $1.3 million foreshore playspace and Glenelg Town Hall upgrade meant “exciting times for Glenelg”.

Kalim Kalim and wife Jennifer Shieh will this week open new venture MAN by Jeans Corp at 74 Jetty Rd – their third premises in the precinct.

“The advantage of Jetty Rd is you see a lot of people who travel,” Mr Kalim said.

“It’s a good exposure, which is very different from what you get in Rundle Mall.

“You can do things which are international because the sensibility is very global.”