CENTRED ON SUCCESS
Source the right shopping centre location.
demographer Bernard Salt suggesting Griffith is a region experiencing rapid growth.
Speaking at the National General Assembly of Local Government in Canberra in 2018, the managing director of The Demographics Group told delegates that the region charted well in the key metrics of employment levels, growth and economic diversity.
Situated in an area easily accessible from places such as Adelaide, Orange, Sydney and Bathurst, Griffith has become more than just a truck-stop and refuel destination, despite its proximity to the Hume and Newell Highways.
Quest Serviced Apartments franchisees and husband-and-wife team Josh and Fleur Nadzielski saw an opportunity to develop their network in 2016, when they packed up and relocated to Griffith.
“We came out to Griffith, and everything stacked up,” Josh told Inside Franchise Business in June. “The thing that I like best about moving to the region is that the community is so open and friendly. You notice who’s a local and who’s not when you walk down the street and see who is on their mobile phone.”
The Nadzielskis have benefited from what Salt suggests is a strong resurgence in the number of older people making the move to regional centres, in particular the baby boomer generation.
"I expect there will be a shift as more rural regional lifestyle communities come to the fore,” he told the ABC in April. "We'll start to view regional Australia through a different lens."
The rising number of Australians opting for a tree-change is driving new industry markets in regional areas, with Griffith experiencing a wave of new openings in the last few years.
Nadzielski says the cost of living, coupled with the community-focused lifestyle made the area a goldmine for potential investors.
“There is the opportunity in the regional areas to buy land, and the prices are quite different to Sydney or Melbourne,” he says. “There are some great coffee shops, and people stop and ask how business is going. They are genuinely curious.”
FINAL THOUGHTS
While there is no doubt inner Sydney still presents the strongest opportunity for high footfall rates, added pressures such as the cost of rent and proximity to competitors can make the area unrealistic for some prospective franchisees.
A commitment from the NSW government to provide greater accessibility through public transport and infrastructure has seen more developments spring up in the outer suburbs of western and northern Sydney.
As population grows and development continues in areas such as North Ryde and Parramatta, prospective franchisees should consider if relocation is a potential catalyst for future success.
Additionally, a rising trend of retirees and baby boomers making the move to regional areas has brought new industry opportunities to welcoming regional areas, with growth expected to steadily increase over the next decade.