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Co-founder & CEO of AllenWargent property market & hedge fund advisory.
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Co-founder & CEO of AllenWargent property advisory, offices in Brisbane (Riverside) & Sydney (Martin Place) - clients include hedge funds, resi funds, & private investors.
4 x finance/investment author - 'Get a Financial Grip: a simple plan for financial freedom’ (2012) rated Top 10 finance books by Money Magazine & Dymocks.
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Monday, 6 March 2017
Death of the department store?
After a negative result of -0.1 per cent in December, retail turnover increased by an improved +0.4 per cent in January to $25.7 billion.
Year-on-year retail turnover growth has steadied at 3.2 per cent in trend terms.
It's been a bit of a mixed story around the traps in recent times, and surprisingly South Australia now leads the way in terms of retail turnover growth with a +4.5 per cent increase over the year to January.
Department stores are having a torrid time, with retail turnover declining by 3.9 per cent over the past year, while the share of total turnover relating to this sector is in a sweeping secular downtrend.
On the other hand the dining out industry continues to boom, with retail turnover once again recording a massive 6 per cent year-on-year growth.
In fact, while department stores have struggled to maintain market share, the eating out sector has continued to flourish.
Overall, a decent monthly result, if not spectacular. Online retail turnover contributed 3.6 per cent to total retail turnover, according to the ABS.