Mosman’s Military Rd is a shopper’s paradise

WHILE high street retailers are struggling across Australia, there’s one suburban strip that shoppers can’t get enough of.

HIGH street shopping is alive and well in Mosman, bucking a nationwide trend that has seen small local retailers struggle.

Loyal shoppers and tenants have kept the exclusive suburb’s Military Rd commercial hub thriving, with vacancy rates considerably lower compared to other prime retail strips in Sydney.

Local traders say there is no need for residents to leave the glamorous suburb, which is home to an enviable variety of shops that some Australians could only dream of accessing.

Dynamic shopper attitudes and the changing nature of suburban retail spaces have contributed to a steady climb in vacancy rates along other Sydney retail strips, including Paddington’s Oxford St and Balmain’s Darling St, analysis shows.

This is despite suburban retail spaces being considerably more affordable than city rents in places like Pitt St Mall, which averaged about $12,500sq m for the 2014-2015 financial year according to Cushman & Wakefield’s ‘Main Streets Across the World’ report.

Military Rd in Mosman is one of the city’s vibrant retail hubs. Picture: Richard Dobson

Loyal local shoppers have helped ensure low vacancy rates along the strip. Picture: Richard Dobson

However, Ray White Commercial’s head of research Vanessa Rader said new data showed Military Rd was exempt from the downward trend.

“The trials of Oxford St, Paddington have been well documented after growing vacancies from around 6.0 per cent prior to Bondi Junction Westfield’s reopening,” she said.

“Unfortunately the high rate achieved in the early 2010s has been maintained and is currently recording 11.81 per cent,” Ms Rader said.

“Vacancy (on Military Rd) has been recorded at just 6.26 per cent with long term tenancies remaining faithful to the strip,” she said.

A combination of factors including accessibility and a bustling village atmosphere has helped the Mosman strip maintain strong tenancy rates in the tumultuous retail climate, Mosman Chamber of Commerce President Pat Purcell said.

PINT-SIZED PROPERTIES SELLING FOR RECORD PRICES

TREND LIKELY TO PUSH UP PROPERTY PRICES

A mix of local and more recognisably brands line the road. Picture: Richard Dobson

“Shops do close on Military Rd but they really do resell very quickly ... there’s always an optimism that Mosman is a great place to shop and people will like what it’s got to offer,” she said.

“There aren’t many retail shopping centres as easily accessible as Mosman. On Military Rd there’s still places where there’s pedestrian crossings and you can walk from side of the street to the other, it really is a much nicer shopping experience for people.”

Catering to a localised market also allows for a good mix of both recognisable brands and local stores, which in many cases are run by the owners themselves; adding to the vibrancy of the strip, Ms Purcell said.

Vacancy rates along the strip are at 6.26 per cent compared to 11.81 per cent on Oxford St, Paddington. Picture: Richard Dobson

“Good shopping strips are few and far between in NSW ... there’s not a great need for the locals to leave Mosman, it has the basics as well as the fancy stuff (and) there’s a nice community spirit among the shops as well.”

Like the Mosman Daily on Facebook

Originally published as Mosman’s Military Rd is a shopper’s paradise