8%Spending change on groceries and food to be prepared at home
-13%Spending change on services (hair salon, health, gyms, etc)
-8%Spending change on dining within a shopping centre
-4%Spending change on apparel & footwear
Tax cuts and lower borrowing costs will fail to improve the outlook for Australia's shopping malls, as the growth of ecommerce will continue to eat into the fortunes of Australia's retail landlords and more than offset any gain from boosted consumer spending, a new report from UBS says.
While a likely pullback in spending on goods such as electronics, apparel and footwear and even on services such as hair salons and gyms and even on dining out is likely to hit specialty sales volumes, grocery-based landlords are likely to enjoy a higher spend over the next 12 months, according to the investment bank's survey of 1231 respondents.
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Michael Bleby covers commercial and residential property, with a focus on housing and finance, construction, design & architecture. He also dabbles in the business of sport. Based in Melbourne, Michael is on Bluesky @michaelbleby.bsky.social. Email Michael at mbleby@afr.com
