LeaseWise News
Cafe Chain Oliver Brown in Administration After Tax Dispute
Belgian cafe chain Oliver Brown has fallen into voluntary administration after a dispute with the taxman, owing more than $29 million to creditors. The 50-store franchise chain has been in the hands of Tim Heesh of TPH insolvency since 8 May and may have traded while insolvent, a creditors report filed with the corporate regulator said….
Read more...Vicinity to Offload $1 billion in Assets
Listed landlord Vicinity Centres will offload $1 billion in sub regional and neighbourhood shopping centre assets in a significant repositioning of its retail portfolio designed to increase its exposure to market leading investments. Unveiled on Monday, Vicintiy said the plan would provide funds for new development opportunities that would enhance its portfolio, following a review….
Read more...Soul Origin charts expansion on growth wave
In the coming months the Senate will cast a critical eye over Australia’s scandal ridden franchise sector, examining the veracity of the franchising code of conduct and franchise agreement conventions more broadly. But not everyone in franchising is hung up on the fine print. For Soul Origin chief executive Chris Mavris invoking a franchise agreement is an…
Read more...Influx of food retailers ratchets up competition
An influx of food and beverage retailers into the tenancy profiles of Australian shopping centres has driven up competitive pressures for existing traders, JLL’s latest centre manager survey has found. Overall tenancy enquiries have increased but more than two-thirds (73 per cent) of centre managers have reported weak or very weak levels of tenancy enquiries…
Read more...Scentre chief’s warning for retailers
Scentre Group chief executive Peter Allen has warned retailers failing to keep up with evolving customer needs that they risk falling away as the Westfield ANZ owner moves to ensure that it has the best brands in its centres. Speaking at Scentre’s Annual General Meeting (AGM) on Thursday, Allen said that digital disruption was necessitating…
Read more...Red Lea Chickens staff left in tears, waiting on money after company enters voluntary administration
More than 500 workers in Sydney have had their jobs terminated after the collapse of Red Lea Chickens, which has been placed into voluntary administration after 60 years in business. Workers from the Blacktown processing plant and Sydney retail stores were told their jobs no longer existed in an email sent to them over Easter…
Read more...What’s Going Wrong With Australia’s Franchises?
Two well-known franchise businesses in Australia are in trouble this week. At the time of year when businesses usually report their half-year financial results, petrol retailer Caltex announced it was stepping away from a franchise model just as a Fair Work Ombudsman report called its operating model “unsustainable”. Retail Food Group, which owns a number of popular chains including…
Read more...Occupancy Rent to Decrease
I have been around shopping centre retail for close to 30 years. The constant that has not been revised is the Shopping Centre Industry’s perception of what each category can afford in sales to rent ratio to determine the market rent. This of course is self-serving. In short they still believe: No adjustment…
Read more...Dog Day Retailing
Much is made of the sale of shopping centre assets by property funds. Every so often news breaks of shopping centres being “re-positioned” with the launching of next-generation retailers, and property portfolios being boosted by the growth of hubs into regional and super-regional centres. But what of the smaller retailers who pump the sales required…
Read more...Myer Beats Landlord’s Litigation Over Chadstone Payments
Myer has won a litigation battle with property tycoon John Gandel, after the Supreme Court of Victoria dismissed his company’s bid to receive $20m in leasing and unpaid outgoings at Chadstone Shopping Centre. On Monday, the Supreme Court of Victoria handed down judgement in favour of Myer and dismissed the claims made by Gandel’s company….
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