Hobart retail market rallies as Devine property closes leasing deal with sporting giant

Despite the current economic challenges due to inflation and a searing cost of living, coupled with the rapid rise of e-commerce merchants, brick-and-mortar retail stores have taken a hit of late with a shift in consumer psychology, along with less dispensable income.

Occupying a marketspace where brands can talk directly to their consumers - and sell to them - via electronic devices, the way we spend money is changing, as brands work eagerly to strike the perfect balance between online presence, brand awareness, and physical locations.

In Hobart specifically, the resulting shift has led to retail businesses in fierce competition with other industries for space, with a scarcity of available locations setting the scene for a showdown when it comes to sealing leasing contracts. Former hospitality and retail venues have been utilised by businesses returning to the office following the working-from-home model, which only adds to the competitive nature of the market.

In a huge coupe for the retail sector however, sporting giant JD Sports enters the Hobart market in the expansive 44-48 Elizabeth Street venue, solidifying its place in the community inside the Elizabeth Street Mall. Acknowledging the strength in the region, JD Sport’s commitment represents a positive uptick for retailers in Tasmania’s capital city.

“Securing an international retail giant like JD Sports is not just a win for Devine Property; it’s a triumph for Hobart,” commented Devine Property’s leasing agent, Daisy Twaits.

“Their entry is a testament to our city’s thriving commercial landscape. Having the negotiation skills required for a complex transaction like this proved to be the cornerstone of success, making it a true win-win; for both landlord and tenant,” finished Twaits.

A multitude of factors contribute to the overall retail landscape in Hobart, which are trends that relate to the industry nationwide. A shift in consumer psychology coupled with the current economic state creates for a turbulent retail market, however with the entry and commitment of JD Sports, the shopfront retail market in Hobart remains competitive and a strong business option.