LFRA welcomes Members to the Western Australia 2024 Forum
Following an informative Study Tour around some of Perth’s Large Format Retail precincts, the Large Format Retail Association (LFRA) was glad to welcome over 190 members to the Crown Towers Perth for our WA 2024 Forum. The Forum was proudly co-hosted by bronze associate member Arise Developments and retail member Revo Fitness.
The forum kicked off with LFRA Presidents Zac Fried delivering his Presidents Address, discussing the exponential growth of Perth’s Large Format Retail sector following the closure of Western Australia during the global pandemic. The strong local economy and extremely high rates of population growth Perth has experienced in recent times has reflected well in the LFR industry: between June 2019 and June 2023, Western Australia LFR sales grew at an average rate of 10.2% per annum, marking the highest rate of growth in any state during this four-year period and well in advance of the national average of 7.4% per annum.
Zac’s address was followed by a fascinating panel discussion on the future growth of WA, led by Philippa Kelly, LFRFA Chief Executive Officer. Joining Phillipa on stage was Justin Ganly, Managing Director, Deep End Services, Jeff Klopper, Managing Director, Vend Property, Alex Gismondi, Managing Director, Transact Capital and Andrew Holder, Managing Director, Revo Fitness.
The panel offered unique insights across the entire supply chain of LFR in Western Australia, discussing concepts such as the pace of growth for Australian’s relocating to the west coast and the opportunities for businesses in the state to scale up operations at a more reasonable rate and cost compared to our east coast.
“Perth’s Large Format Retail Sector is experiencing a strong resurgence underpinned by low vacancy and unprecedented population growth of 3.3%,” said Alex Gismondi.
“As one of the most affordable cities in Australia we expect to see continued urban sprawl and further development of LFR precincts and centres.”
Western Australia’s distinctive industries, such as the mining and steel industries, contribute to their status as being one of the highest incomes states in Australia. This, together with the population boom, creates a prime situation for the Large Format Retail industry to shine through and contribute to the overall economy of the state.
After a few more presentations, the Forum concluded with an LFRA Update from Ms Kelly, sharing the events schedule for the remainder of the year and dates to remember for 2025 before going on to share exciting news at LFRA.
The LFRA is continuing work on the development of a National Sites Review application, creating an accessible platform to advertise Large Format Real Estate around Australia.
Ms Kelly also shared some information about a campaign outlining the negative and flow on impacts associated with land tax imposed by Governments around Australia, and how the LFRA is working hard to achieve positive outcomes for its members.
The Forum was an excellent opportunity to visit Perth again after a six-year absence, and we look forward to seeing the region continue to prosper in the LFR sector!
