THE NUMBERS
Melbourne is an international hub between South Asia and the Americas and, with 5.2 million people, is Australia’s second-largest city. The city’s industrial growth in the 19th century was thanks to its strategic coastline at the country’s southeast point. It has since established itself as a place of global commerce with the busiest port in Australia, the Port of Melbourne. This international status allowed multicultural communities to bloom, leading to Melbourne having one of the largest immigrant populations in the world. Melbourne’s expansion shows no signs of slowing and is predicted to reach 6 million residents by 2031 or 2032, according to the Australian Centre for Population. Based on the quality of life in Melbourne, it was named the world’s third most livable city in 2023 by the Economist Intelligence Unit’s (EIU) annual Global Liveability Ranking.
Aboriginal fishing traps influenced the design of Webb Bridge, a thoroughfare allowing pedestrians to walk or bike from South Melbourne to downtown. 📷 ISTOCKPHOTO
THE PULSE
With beaches, cafes and a thriving art scene, young professionals and tourists alike flock to the city. Melbourne is also known for its multiple sources of pedestrian transportation, including Webb Bridge – a walking and cycling bridge connecting South Melbourne to downtown across the Yarra River. For longer distances, hop on a train at the Edwardian-era Flinders Street station for a railway network that loops around the city and out to the suburbs.
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THE HOT SPOTS
In the heart of downtown is Collins Street, home to luxury brands such as Louis Vuitton, Cartier, Hermes, Prada and Rolex. Only a block away is Bourke Street Mall, a hot retail spot for brands like Dior, H&M and Zara and home to the flagship stores of Myer and David Jones. Connecting Collins Street to Bourke Street Mall is the Royal Arcade, the oldest shopping arcade in the country, featuring Victorian architecture and carved decorative figures throughout. A few streets over is Melbourne Central, a 593,000-square-foot shopping center, office and public transport hub designed by Japanese architect Kisho Kurokawa. On the east side of the city is Chadstone Shopping Centre, the largest mall in Australia. Known to locals as “Chaddy,” it brought 20.7 million visitors through its doors in 2023 to traverse its more than 500 stores spread over three floors and 2.5 million square feet.
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OBSTACLES AND OPPORTUNITIES
With the city’s rapid growth comes an ever-tighter market and squeezed rental space. Vacancies for retail spaces have decreased, making it difficult for retailers to establish physical locations. In addition, Australian retailers say deflating consumer confidence, rising inflation and increasing labor costs are the biggest challenges for the country’s industry in 2024, according to a report from financial firm KPMG.
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