Christmas will come early at Wodonga Plaza with the announcement that even more new retail outlets will be open by early December.

The local community shopping hub has announced that Rivers and Ally Fashion will be opening, as well as Mastercut Meats – all opening in the coming weeks.

Centre Manager, Ms Cherie Daly, said the Centre is literally buzzing and its new retail tenancies will be great for the community in terms of employment opportunities and shopping variety leading up to Christmas.

“With the arrival of Rivers and Ally Fashion, Wodonga Plaza secures its place as a verified fashion destination, complimenting the broad range of fashion retail already in the Centre with baby wear through to menswear and women’s fashion,” she said.

“Our 140-seat food court is also taking shape with Quick Kababs who opened this week, laying claim to the first of three new takeaway outlets to arrive in the Centre. It all speaks volumes for the Wodonga community and the confidence these businesses have in our region.”

The activity continues with Chemist Warehouse now open having taken over the Amcal Pharmacy, and extended leases in place from Millers, Autograph and Noni B. Harmony Massage will move to a brand new location next to Jay Jays, allowing for an expansion of Goldmark in the wellness centre’s previous space which will include a brand new fit out in the New Year.

Wodonga Plaza’s fashion offer will also be supplemented in the lead up to Christmas with Style Supply Co pop up arriving in December.

Mr James Collis from centre owner M/Group, said he is thrilled at how the company’s vision for the centre has come together, and more so by how much the community and tenants have embraced the company’s $4million refurbishment.

“Who would have thought just 12 month ago there would be so much activity and excitement taking place at Wodonga Plaza. We’re so pleased to have had the opportunity to shine a light on the importance of this regional shopping centre hub to attract national brands, such as Rivers, Ally Fashion and CottonOn Mega, to give the community even more options,” he said.

“As we move towards Christmas, Wodonga will now have an even greater environment to enjoy the festive season. We thank the community and our tenant networks for their support and belief in the vision.”

Christmas festivities will kick-off on 8^th December with the arrival of Santa and a free Christmas craft workshop being held between 11am and 2pm on Saturday 15 and Sunday 16 December, 2018.

The community is invited to follow the Wodonga Plaza Facebook Page and/or subscribe to its newsletter via www.wodongaplaza.com.au for regular updates.

Wodonga Plaza’s major retail boom is pushing more shoppers south of the Border. See story here: https://www.prime7.com.au/news/3790-retail-boom

An intuitive understanding of the retail sector together with robust investment and tenancy strategies have been credited to the significant valuation uplift received for M/Group’s recently acquired shopping centre assets. The valuation uplift for Wodonga Plaza in Victoria and Albany’s Chester Pass Mall are both estimated at some 15-20% since acquisition.

M/Group shopping centre acquisitions took place throughout 2017 amidst increasing online and local competition. Both centres were sold by major retail conglomerate, Vicinity, as non-core assets. M/Group saw this as an opportunity to secure key assets and add value in important regional hubs.

M/Group Managing Director, Mr Lloyd Clark, believes regional shopping centres serve an entirely different purpose to their city counterparts, and says it is where M/Group’s experience and understanding of the retail sector can really contribute.

“While retail is a changing landscape, shopping centres located in regional areas represent an important social hub where residents go into town to socialise and be part of the community,” he said.

“At acquisition, Wodonga Plaza’s weighted average lease expiry (WALE) was under 4 years, and the centre was facing increased competition with two new shopping centres opening within a kilometer of the location. Vacancies were high and customers were having to cross the border to Albury for certain retailer needs. It was a problematic landscape, but we were confident in our capacity to turn things around.”

M/Group initially conducted a needs analysis and invested funds to the value of $2.5million on a major mall reconfiguration. This introduced a food court, two mini-major retailers and an increased fashion offer.

The company have renewed or signed new leases for over 30 tenancies at the centre within 12 months representing over 60% of the tenancies and lifted the WALE to circa seven years and revitalized the centre with a number of new tenancies. The shopping centre is today poised to be 100% leased by the end of the year.

Closer to home, planning is underway to maximise the potential of the company’s Albany asset. M/Group Director, Mr James Collis, who leads the company’s asset management division, said Albany presented great opportunities particularly in the bulky goods, food and entertainment areas.

“In contrast to Wodonga, which is the fastest growing regional city in Victoria, we see Albany as a more stable and mature market with gradual growth and a great deal of redevelopment potential,” he said.

“Understanding retail behaviours and digging deep into local demographics has enabled us to make considered judgements and decisions that not only protect our investor interests but also create environments that will attract regional shoppers.

“There are a number of plans on the table for Albany, but significant traction has already been made through our targeted tenant negotiations. It is incredible what can be achieved when a clear focus is given to building an asset. Additionally, we have been able to renew, relocate and expand a number of the sitting tenancies at the centre who are now all trading well”

M/Group’s Albany shopping centre includes 2.7 hectares of undeveloped retail zoned land and the company has already negotiated an extended lease agreement with Woolworths and a number of other tenants to achieve its increased valuation.