Multimillion-dollar retail boost earmarked for Victoria
Retail precincts across Victoria will receive a $6 million cash injection over the next four years, with the state government launching a new initiative designed to boost revenue in the sector.
For those with stakes in commercial retail property across the state, the new skills and productivity program - Streetlife - will be a major boon, helping local businesses in shopping precincts increase profits by attracting more customers into the region.
Announcing the initiative yesterday (September 25), state minister for innovation, services and small business Louise Asher said the scheme would help drive up revenue for the state's retail industry.
She said: "Victoria's retail sector is the state's second largest employer and a key economic driver. It is vital that this sector continues to be competitive and innovative.
"The Coalition government will work with local councils, industry associations and small businesses to ensure that businesses in local shopping strips have the management, marketing and collaborative skills to deal with the structural changes underway in modern retailing."
With more fiscal support available for the state's retail sector, investors may be interested in purchasing commercial real estate in Victoria which is likely to grow and thrive under the new scheme.
"I am very confident that through this support Melbourne and Victoria's reputation for quality retail and innovative shopping places will continue to grow, " Ms Asher explained.