Retail in Asia

In Shops

Top retail tenants becoming richer than their landlords in Australia

The gap between the wealth of retail landlords and their major tenants in Australia is narrowing, as the well-known brands and their backers climb the rich lists.

Agents say that with the growth in brand recognition, the tenant can now dictate the development of a shopping centre, which is, to an extent, reversing the past situation where the mall was built first and the tenants applied for a lease.

Owners of global retailers including Zara, H&M, Uniqlo, Forever 21, Topshop and the Bill Gates-owned tech giant Microsoft are now on the same rich lists, and in some cases overtaking the landlords, including, in Australia, Westfield’s Frank Lowy, Harvey Norman’s Gerry Harvey and Just Group’s Solomon Lew.