Regent Arcade and Renew Adelaide are offering vacant shops to new businesses to trial their concept
The historic Regent Arcade is home to the flagship Dymocks store and is about to get a handful of new traders, thanks to Renew Adelaide.
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Renew Adelaide will give fledgling businesses a kickstart in the historic Regent Arcade and an opportunity to capitalise on its increasing foot traffic thanks to bookstore Dymocks.
In a bid to further revitalise the arcade which has previously struggled with rising store vacancies, Renew Adelaide will offer eight opportunities within the complex.
The not-for-profit organisation coordinates short-term free rentals with the landlords to allow the businesses to trial ideas and concepts, before having the option to sign on.
“We believe that Regent Arcade will benefit by having a new collective of vibrant ventures to support its tenancy mix,” Renew Adelaide chief executive Gianna Murphy said.
“With more than 430 ventures on our database ready to launch in bricks-and-mortar space, we are really energised by the enthusiasm we are seeing from the property industry and entrepreneur community.”
A group of Chinese investors bought the Regent Arcade, which dates back to 1928, from the Ginos Group for just under $50m in 2020.
Currently, more than 10 stores in the arcade are vacant but the April addition of the $1.5m Dymocks store on its first floor has been a major attraction.
Adelaide Economic Development Agency’s Rundle Mall executive manager Andrew White said Dymocks was going “gang busters” and this project gave businesses a chance to capitalise on an upcoming increased visitation period at the mall thanks to the ADL Fashion Week, Black Friday and Christmas period.
“What we’re seeing in terms of the total visitation to Rundle Mall is that it’s very much trending to prepandemic levels,” Mr White said.
Mr White added a recent CBRE report also showed the mall was at its lowest vacancy rate in 15 years and the lowest rate in Australia at 4.1 per cent.
Leatherworks Adelaide owner Rob McRae opened in the arcade thanks to Renew Adelaide in 2016.
“Without their support, I wouldn’t have considered the CBD as a location or had the confidence to enter into a commercial lease,” Mr McRae said.
Details: renewadelaide.com.au
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