CBD RETAIL EXODUS

GEELONG’S ailing CBD has another high-profile casualty with Market Square Shopping Centre bearing the scars of an exodus of retailers. The departure of Cotton On and its other company brand stores, including Cotton On Kids and Factorie, from Market Square has left an obvious hole in one of Geelong’s major shopping centres.

Over the past year, the centre has seen a steady closure of retailers such as Dymocks, Michael Hill jewellers and Forever New with no obvious rush of tenants to fill the vacant shops.

The loss of the Cotton On group’s chain of stores – apart from Typo, which is still operating in the centre – has made Market Square’s losses all the more obvious.

Much of the problem can be attributed to the ongoing challenges faced by the CBD since much of its workforce transitioned to working remotely during the pandemic.

While worker numbers have slowly trickled back in, albeit on a part-time basis, an obvious challenge remains in terms of redefining what a successful Geelong CBD will look like.

Hopefully that will be part-way met by the launch of a masterplan into the troubled precinct within Malop, Moorabool, Yarra and Ryrie streets, where the bulk of the empty shopfronts seem to be.

But questions remain about retailers such as Cotton On and Michael Hill, which have chosen to remain in the CBD but jump ship to neighbouring Westfield. Their issue seems to be less about a lack of CBD workers and more site specific.

If so, it will be interesting to see what Market Square can do to ensure others don’t follow suit.