Title The retail sea change that's hitting Westfield where it hurts: Experts say shoppers are turning away from mega-malls in favour of a different style of shopping Media name/outlet Daily Mail Country Australia Date 23/08/19 Description The retail sea change that's hitting Westfield where it hurts: Experts say shoppers are turning away from mega-malls in favour of a different style of shopping.
Sydney shoppers are ditching mega malls for high street shopping strips in growing numbers, according to retail experts.
Businesses in shopping strips are winning the battle for consumers with personalised service and community connectivity rarely seen in major shopping centres.
Flourishing and trendy high streets bustling with shoppers include King Street in Newtown, Military Road in Mosman and Queen Street in Woollahra, where an increasing number of retailers are thinking outside the square.
'(It's) where you form relationships with people. You talk to any small business retailers and they'll tell you they have friendships with locals who are very loyal,' business expert Linda Hailey told The Daily Telegraph.
Macquarie Business School professor Jana Bowden added: 'I think high street stores focus on highly personalised, one-on-one experience. Consumers are looking to buy an experience and a huge part of the success of these stores is they are adding value through this customer care approach.
Shopping strips close to Sydney's CBD aren't the only ones that have benefited from the burgeoning trend from Penrith's High Street in the west to Manly on the northern beaches and Cronulla in the south.
Many shoppers prefer Cronulla Street to Westfield Miranda, according to Sydney Business Chamber chief executive Katherine O'Regan.
Newcastle's Hunter Street has also been touted as one to watch following the recent addition of light rail to the regional city north of Sydney.
But despite their growing popularity, high streets still need more council and state government support, according to business owner and Sydney City councillor Angela Vithoulkas.
Sydney City councillor Angela Vithoulkas said 'Local councils and state government are making a mistake by putting in clear ways and making ways to redirect people to big malls,' she said.
She used Oxford Street in Darlinghurst as an example, where there are many for lease signs and empty shops.
'Local councils and state government are making a mistake by putting in clear ways and making ways to redirect people to big malls,' she said.
But some say high streets need council and state government support.
URL https://www.dailymail.co.uk/news/article-7386241/Experts-say-shoppers-turning-away-mega-malls-favour-high-street-malls.html Persons Jana Bowden Title Westfield Sydney: Best shopping Sydney now on high streets Media name/outlet The Daily Telegraph Country Australia Date 21/08/19 Description Westfield Sydney: Best shopping Sydney now on high streets
For years, Sydney’s mega malls have dominated the retail landscape but in some suburbs, the tide is turning, with the humble high street now seen as far more appealing to consumers
Angira Bharadwaj, The Daily Telegraph
August 21, 2019 4:20pm
David Jones reveals new level three at flagship Elizabeth St store
Even in the face of skyrocketing rent expenses and the threat of shopping malls, Sydney’s high streets are winning over buyers with exceptional service.
Business expert Linda Hailey said shopping malls can’t beat the personalised experience provided by street business strips.
“(It’s) where you form relationships with people. You talk to any small business retailers and they’ll tell you they have friendships with locals who are very loyal,” she told The Saturday Telegraph.
“Increasingly, local retailers are forming online relationships through Facebook pages but they are also texting clients and saying, ‘Look you bought that dress the other day I got a matching handbag’.”
“I think there are various styles of shopping these days and people go where they need to go. But there’s also recreational shopping which is more entertainment,” she said.
“I think women are more likely to meet up in a main street location where there are great coffee, fashion retail, shops. It becomes more an event to look forward to.”
Sydney Business Chamber chief executive Katherine O’Regan said some high streets were winning out over struggling shopping malls.
“King Street in Newtown has the connectivity with its community. It gets pedestrian movement from the local community,” she said.
“A burgeoning one worth watching is Hunter Street in Newcastle. The light rail is bringing people back in and there is a University not far.
“Glebe Point Road is another great one. Military Road in Mosman. They’re accessible to people from foot traffic. Cronulla Street in Cronulla is one that has been raised with me a few times because people much prefer to go there for an experience instead of Miranda Westfield.”
Ms O’Regan said shop owners were inviting customers in for social evenings to improve community engagement.
“Some of the retailers are thinking outside of the square. They think about hosting a reception not just in the art gallery but in their store. It brings people in for a social experience,” she said.
“You have to look outside the shop front and look at the open public spaces. Great high streets do well when there are comfortable places to walk, good places to sit.”
Macquarie Business School professor Jana Bowden said consumers want deep, connective and interactive shopping experiences.
“I think high street stores focus on highly personalised, one-on-one experience. Consumers are looking to buy an experience and a huge part of the success of these stores is they are adding value through this customer care approach,” she said.
“If retailers can mimic the relationship customers have with their friends, then the customer will stay loyal.
“I can buy a coffee shop from any place I want. But I go to the cafe around the corner because they engage in my life and ask me how my day was. It’s a bit of lost art (in bigger stores).”
Newtown bookstore Elizabeth’s Bookshop on King Street is popular with customers for its blind dates with a book program.
Manager Alex Taylor said King Street was equally popular with locals and tourists.
“We survive because of community and tourism. With the Italian Bowl next door, the cinema, it keeps people coming through.”
“It’s all about customer service. The staff love what they do. And they engage with the customers and they share their book knowledge. It’s all about giving the customer an experience.”
“Local councils and state government are making a mistake by putting in clear ways and making ways to redirect people to big malls,” she said.
“The classic example is Oxford Street in Darlinghurst where you have a lack of ability to rejuvenate the area. Local government is a major land owner in the area and they have failed to activate the area.
“There are a lot of for lease signs, a lot of empty shops.”
THE BEST HIGH STREETS IN SYDNEY:
1. Queen Street, Woollahra
2. Regent Street, Redfern
3. High Street, Penrith
4. King Street, Newtown
5. Main Street, Blacktown
6. Glebe Point Road, Glebe
7. Barrenjoey Road, Avalon
8. Oxford Street, Paddington
9. Military Road, Mosman
10. Church Street, Parramatta
11. Cronulla Street, Cronulla
12. Hunter Street, Newcastle
URL https://www.dailytelegraph.com.au/news/nsw/westfield-sydney-best-shopping-sydney-now-on-high-streets/news-story/7ff08a9525dd4fb7968f408b52476430 Persons Jana Bowden Title Tattersall, H. (2019), Social media’s rock starrs of wealth, Australian Financial Review, July 25 Media name/outlet Australian Financial Review Country Australia Date 25/07/19 Description Social media's rock stars of wealth
Updated Jul 25, 2019 — 10.40am,
first published at 12.00am
One doesn’t need to explain the Kardashians’ influence to Australian entrepreneur Nick Molnar. The Afterpay founder contacted the famous family when he wanted to launch Afterpay in the US.
Kim Kardashian agreed to help, endorsing the company to her 144 million followers on Instagram – and the further 60 million on Twitter – putting Afterpay on the radar of its most valuable customer: America's Millennial.
Young Rich Listers Kayla Istines and Tobi Pearce have an estimated wealth of $486 million, generated mostly through subscriptions to their fitness app Sweat, downloaded by 30 million people. Damian Bennett
Ms Kardashian has an estimated net worth of $350 million, an amount second only to her younger sister, makeup entrepreneur Kylie Jenner, who’s worth a reported $800 million.
They regularly endorse brands on social media, charging companies upwards of $300,000 a post to do so (some reports say $1 million).
“Some people think they’re dreadful but I'm telling you, the Kardashians are a role model for modern business,” said publicist and celebrity manager Max Markson, founder of Markson Sparks. “They are the new rage and the new rich.”
It could certainly be said social media influencers are this generation's rock stars of wealth. Those making the most money spruik their products – or someone else’s – on the most lucrative platforms (YouTube and Instagram) charging hundreds and thousands of dollars to post a photo, story (worth slightly more) or video (worth more again).
With the influencer advertising market expected to reach $5 billion to $10 billion by 2020, according to marketing firm Mediakix, it looks like selfies are here to stay.
The world’s most popular YouTuber, Swedish gamer Felix Kjellberg (also known as PewDiePie) has 86 million subscribers and is estimated to be worth around $30 million. He has worked with Mountain Dew and energy drink company G Fuel.
Australia has its own fair share of influencers. There’s Emily Skye, a fitness instructor worth around $32 million; ShowPo founder Jane Lu, worth around $32 million; Gold Coast model and travel blogger Gabby Esptein, worth around $400,000; and Lauren Curtis, a fashion and beauty YouTuber who has 3.5 million fans on YouTube and is reportedly worth $350,000, thanks to partnerships with Colgate, Garnier and Boost Juice.
For an influencer to endorse a product, a brand will pay them a fee for that post based on how many followers they have. According to Australian online talent agency The Right Fit, influencers with 3000-20,000 followers can make $75-$300 per post; those with 100,000-250,000 followers can make $550-$800; and those with more than 500,000 followers can make upwards of $1200 (the rates are considerably higher in the US).
Much like how Neighbours launched the careers of Kylie and Delta, the formula seems to be accrue the followers first, then make the dough. Australian Tammy Hembrow, who has 9.7 million Instagram followers, makes $19,000 per sponsored post, according to Influencer Free, a website that calculates how much influencers earn. The cost per post for Adelaide-born Kayla Itsines, who has 11.6 million Instagram followers, is estimated by Marie Claire to be around $150,000.
Ms Itsines and her boyfriend Tobi Pearce, who occupied positions five and six on last year’s AFR Rich List, have an estimated wealth of $486 million, generated mostly through subscriptions to their fitness app Sweat, downloaded by 30 million people.
“If you've got to a high number of followers, and you can monetise that, it becomes a very serious revenue stream,” said Mr Markson.
“If you're Taylor Swift and you're making money from records, if you want to promote them, you don't go on the Today show in New York or [The Tonight Show Starring] Jimmy Fallon. If you go on Fallon you might get about 20 million views, but if you put it on your own social media you're pushing out to a quarter of a billion followers. It’s a much easier sales structure to work with. You don't need the mainstream media any more.”
Max Markson: “If you've got to a high number of followers, and you can monetise that, it becomes a very serious revenue stream.” Wendell Teodoro
Professor of marketing at Macquarie University Jana Bowden says there's a lot of money to be made if you get the formula right. But she said: “I don't think it's as easy as applying a formula and you will succeed: failure rates of new ventures in social media are significant.”
Ms Bowden said the success of influencers comes down to a combination of business nous, entrepreneurship and innovativeness. “I'm sure there are many cases of people not succeeding and there is a question of the right timing, the right formula, the right personality and the right messaging, that allows these influencers to succeed when they do.”
Those who seem to have uncovered the secret formula have mastered what Ms Bowden calls “manufactured authenticity”. By enabling a glimpse into their everyday existence, their successes and their failures, these influencers allow their followers and customers to emotionally connect with them and build a perceived personal relationship with them, “a sense that they are just like me”.
Ms Itsines’ Instagram page is filled with before and after pictures of her clients’ body transformations, which her followers can relate to and which has helped her gain a following.
“It’s not just their business model, but the candid and authentic, real-world, genuine communication about their life and various aspects of their life that makes them seem more grounded and normal,” Ms Bowden said.
“These intimate peeks into their lifestyles, regardless of whether they are a health influencer or makeup influencer or the Kardashians, is perfectly tailored to what's become quite a voyeuristic consumer culture.”
URL https://www.afr.com/wealth/people/social-media-s-rock-stars-of-wealth-20190723-p529wa Persons Jana Bowden