Strip vacancy in Adelaide’s Rundle Mall has improved to become Australia’s most tightly-held shopping mall.
New data from the Adelaide Economic Development Agency shows vacancy in strip-facing tenancies in Rundle Mall has dropped from 5% to 3.4%, as of the end of Q4 2024. This puts Adelaide ahead of strip malls in Melbourne (7.2%), Sydney (7.6%), Brisbane (14.1%) and Perth (22.6%), according to CBRE’s latest report.
Just four tenancies remain vacant along the 520-metre mall, after luxury watch retailer The Hour Glass opened its first South Australian boutique, Supré launched, and with Sportsgirl to reopen in the coming months.
Total vacancy across the Rundle Mall Precinct also improved from 15.6% to 11% in the same period. Andrew White, Adelaide Economic Development Agency’s Executive Manager, Rundle Mall, said the latest data reflected a continued positive downward trend in retail vacancy across the Precinct.
“There is a strong demand for premium, strip-facing tenancies with major brands recognising the strength of Adelaide’s retail market,” he said.
“We are continuing to see local, national and international brands choose Rundle Mall for their flagship and first South Australian stores, before expanding into the suburbs or other markets.
“There has been significant new public and private investment in commercial developments and precinct infrastructure, which is helping attract new brands.
“This includes the $6 million City of Adelaide and State Government funded upgrade of Charles Street, a pedestrianised laneway which connects the Mall with the cultural precinct on North Terrace, and Precision Group’s ongoing investment in creating a luxury retail hub at Adelaide Central Plaza.
“Looking at the Precinct more broadly, the Mall’s ever-growing food and beverage offering has been key to bringing down vacancy rates. With more openings expected in 2025, it will continue to have an impact.”
City Cross reached a major milestone in its $25 million redevelopment late last year, unveiling its transformed food court, which features a new McDonald’s. James Place also welcomed new eateries including Bolla Milano and HI BAMI.
“When we speak to brands about expanding into Rundle Mall, and once they’ve visited, they tell us there’s nothing quite like it anywhere else in the country,” said White.
“Rundle Mall, and the strip particularly, is the epicentre of retail in Adelaide.
“Foot traffic is growing, with 54 million annual visitors. Meanwhile, shoppers are defying cost of living pressures, spending $1.4 billion in Rundle Mall last year, which is 85% of the city’s total retail spend.”
Rundle Mall’s tenancy mix includes some of Australia’s and the world’s biggest brands, including UNIQLO, H&M, Apple, TAG Heuer, Tiffany & Co, Mecca, Sephora, Nike, adidas, R.M.Williams, and more.
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