Skip to content Skip to main navigation


Canberra's most awarded family
owned real estate agency

Bill Stefaniak decides the market is rubbish

By johnboy 3 October 2006 23

We all knew that when Westfield took over the Woden Shopping Centre it would be bad news for the tenants.

The rent rises and compulsory shop fit outs are forcing “The Pampered Pavlova” and it’s owner, Kerry Monahan, out of the complex and the always not much of a liberal, Bill Stefaniak, has put out a media release decrying this “market failure” (Note to Bill: the Westfield model is a facist one, not much at all to do with the free market) and warning, I kid you not, of the dire consequences that will follow:

“The forcing out of ‘The Pampered Pavlova’ also has important social and health aspects”

Maybe Bill should have made some noise when Westfield took over the Mall rather than now when it’s far too late?

What’s Your opinion?

Please login to post your comments, or connect with
23 Responses to
Bill Stefaniak decides the market is rubbish
Showing only Website comments
Newest to Oldest
Oldest to Newst
johnboy 10:42 am 05 Oct 06

Only they frequently waive the requirement for big tennants they can’t afford to lose (cinemas, supermarkets major chains).

publius 10:37 am 05 Oct 06

One has some sympathy for the small business owner. Westfield is an easy target too. They play it pretty hard (but straight). However, no doubt the small bsuiness owner entered into a contract with Westfield (via a lease). Leases contain all the agreenment conditions. This fit out should not have come as a surprise to the small business owner in question and should have been factored into operating revenues/income over the lease period. It is standard business practice at shopping centres to require businesses to invest in a fit out.

snahon 9:57 am 04 Oct 06

Large shopping centre complexes (such as Westfield) do in effect hold a pseudo-monopoly over retail within the geographic region of its location.

Because of their size and obviously their volume of different types of retail (clothes, food, footwear, sporting, etc) they naturally attract the largest number of foot traffic and as such can charge what ever they want.

However like all markets, if they charge way too much they will end up with empty shops and will reduce their prices accordingly. If their analysis suggests that they can charge more and still keep floor space rented of course they will do it. They’re a business and businesses are ultimately interested in one thing one – money.

Related Articles

CBR Tweets

Sign up to our newsletter

Copyright © 2018 Region Group Pty Ltd. All rights reserved. | | |

Search across the site