Retail business expert Martin Ginnane says the future of Warrnambool’s CBD is bright after the completion of the city centre renewal works.
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Mr Ginnane, who works with many city councils across the country including Melbourne and Stonnington, has been visiting traders over the past two years of the project, helping businesses navigate the works and prepare them for the years ahead in a rapidly changing market.
“There is nowhere now to go but up, if you want,” he said.
“My feeling was, and it’s perhaps presumptuous of me as an outsider, but looking at other Australian cities if this hadn’t gone ahead within about five years the street would look like a really tired regional country town. The street looks fantastic. Give it another six-to-12 months with a full summer and and another winter and the planting will look even better.”
Mr Ginnane said he felt there was a renewed confidence among traders.
“During the difficult times there has been quite a few new retailers come into town as well so that’s good. Some of the ideas that the retailers have come up themselves have morphed into great initiatives such as rear lane entrances into the stores. That has flown on to enhance the laneway culture and activation. The flow on effect from Liebig Street will start quite quickly being felt in the side streets.”
He said retailers who were just selling “stuff” that wasn’t essential or unique such as Myers or David Jones were in trouble.
“The growth in retail now is coming from well-established retail businesses with initiative,” he said.
“There are businesses in the street like Darriwill Farm that own the market here and they know what they are doing. If the retailers continue to push themselves to remain different they will be fine. They have to keep their store interesting and fresh. Try to make sure you are not just duplicating what someone else has in the street. Try to identify a niche for yourself and don’t be afraid to champion it.”
He said traders shouldn’t worry about Gateway Plaza.
“The City of Melbourne retailers worried about Chadstone for years, but they’re different, they are shopping centres,” he said.
“You go there (Gateway Plaza) for commodities, you go there maybe because it’s wet, or maybe because you’ve just had a baby, but you want to come back to the heart of Warrnambool, and to me that is the CBD.”
Mr Ginnane said traders were playing in a global market, with internet shopping the competition. He encouraged businesses to promote their businesses through Instagram and Facebook.
“Think about WeChat as well, for international visitors,” he said.
He said Warrnambool and the south-west’s economy was strong, with the city a regional hub for outlying farmers and agricultural businesses.
“What the retailers have to make sure they do now is that they are attracting the clientele that want things that are not just commodities,” he said. “We can shop online for anything we want. But if you want something that is a little bit different, a bit unique, then I think Liebig Street is going to deliver on that. It’s not going to be easy. The traders have to work at that.”
Throughout his consultation sessions with traders he has dispersed tips and tricks to securing a solid business future. He said retailers needed to know their customers.
“Buy what you know your customers will want,” he said.
“Focus on the 70/30. So 70 per cent is the type of product that will pay your rent, wages and give you an income. 15 per cent should be fun stuff that you are trialling, testing and keeping the store fresh and the other 15 per cent should be something new. Every year bring in a new range or a new line, but something else has to go. There is a problem in Warrnambool that I see a lot of people carry too much stock. Some of it is old. They need to ensure their stock is tight and specific to their market.”