The luxury sector is one that has continued to thrive, even in the face of adversity. The economic downturn and the political problems that have plagued Australia over recent years haven't dissuaded people from going in search of high quality goods.
As a result, there's a growing need for these retailers to innovate and make sure they remain relevant to everyday consumers, Deloitte Global has suggested. Its Global Powers of Luxury Goods report explained that while there is still demand for luxury goods, companies must ensure they are responding positively to market forces and moving with the times.
There's potential for these businesses to go in search of retail leasing on the Gold Coast as they seek to secure new commercial ventures. After all, luxury stores are no longer the reserve of capital cities – they've also started to spill out into other major urban centres across the country.
Deloitte explained that luxury goods are, in many respects, no longer the aspirational purchases they have been in the past. In fact, for many consumers they are simply something they would buy as a matter of course, leading to a change in dynamic among retailers.
This is partly due to the opening up of the global marketplace. It's now much easier for companies to import and export luxury goods, and as demand increases, the cost of doing so is likely to be falling. Businesses are no doubt looking to keep their margins high, but if people are willing to pay the price, this could be easier than ever before.
The report indicated that people are more open to the idea of engaging with brands, which includes those in the luxury sector. David White, partner and national leader of Deloitte's retail, wholesale and distribution group, explained that buying products is no longer a case of turning up at a retail premises and seeing what's on offer.
"They have become both critics and creators, demanding a more personalised luxury experience, and expect to be given the opportunity to shape the products and services they consume," Mr White continued.
Social media has played an important part in this. Consumers can see what other people are buying and will use these details to inform their own purchasing decisions. Meanwhile, they can contact and engage with brands directly before committing to making a purchase – something that wouldn't have been possible as recently as 15 years ago.
Being successful as a luxury retailer is as much about their online presence as their appearance on the high street. However, the need for an impressive and successful retail premises on the Gold Coast cannot be understated.
This is something brands should think carefully about when they take a closer look at commercial property for sale on the Gold Coast. What do people want from their shopping experience? Is there something they could offer that would stand out for all the right reasons?
One thing that has become apparent is that regardless of what's going on in the wider economy, people are still willing to spend. Australian Bureau of Statistics (ABS) data from April shows that in trend terms, turnover across national stores increased 3.4 per cent from the previous year.
Among the greatest rises was in the clothing, footwear and personal accessory retailing sector, where turnover increased 0.8 per cent. Meanwhile, household goods retailing marked an increase of 0.2 per cent.
It appears that people are willing to spend, but the challenge now is for those interested in retail leasing on the Gold Coast to make sure they have the right premises to make this happen.