Newmarket has seen a ridiculous number of closures recently during the expansion and renovation of the 277 Westfield (which will conclude in the fourth quarter of 2019). Obviously, retailers are afraid that Newmarket has made its bed and now they have to sleep in it. This is not the case. While a lot of stores have closed or moved, most of these were because of the proximity to the 277 construction. Move away from the mall a couple hundred metres, and strip shopping is alive and well.
This is the perfect time to utilise these empty spaces with short-term leases. Great for emerging designers who are mainly online (e-commerce or Instagram), who can meet their customers and allow them to get to know and experience your brand and garments in person.
If you can find a good retail space in Newmarket, keep it. It will be worth the wait when the mall re-opens in late 2019 and you would've secured your lease at a lower price.
What a lot of people don't realise (going into retail) is that retail is hard in general, not just in fashion. Don't blame Newmarket, because your store didn't work out. Yes, location is important, but so is the fit-out, the staff, the atmosphere, and above all – the product. When someone screams Newmarket is a ghost town, I think that's completely unfair. Newmarket (and Parnell and other suburbs) have always had a handful of for lease signs, that's nothing new. Unlike Parnell, Newmarket has great strip shopping and a great variety of stores as well as complimentary store pairing. Whether it's Newmarket or Gore, make sure your store creates an experience that makes people want to get off their phone. It's time to reinvent the retail wheel.
