In the annual financial reports of the mega Australian property group Stockland, there is a glimpse into the future of retail. Its grand portfolio of retail assets is awash in red ink, while their big list of logistics hubs is suddenly worth more.
Take the Merrylands Shopping Centre in northern Sydney as an example. It contains an ALDI, Coles, Woolworths, Big W, Kmart and Target, plus "more than 200 speciality stores including a child care facility located on the rooftop". 2020 has knocked its value down 12%.
On the other side of Sydney is the Ingleburn logistics park. Almost 30 hectares of big sheds and concrete near the M5 motorway. It thrives.