Cashed-up Asian visitors are changing the face of shopping in Melbourne, with a revival capped off this week with the opening of Emporium Melbourne.
More than 130 new stores opened on Wednesday morning to moderate fanfare, with snaking queues down Lonsdale Street to enter Japanese clothing chain Uniqlo.
But retail experts said the luxury shopping centre might not have been viable without growth in Asian students and visitors with money to burn.
"In my opinion it would be near impossible," CBRE’s Mark Wizel said.
Mr Wizel said the next 18 months was likely to see an injection of another 20,000 high-rise residents into the CBD, including a significant number of Asian-born tenants.
He said those demographics would have been well considered by those behind the development of the "highly strategic" new shopping location.
"I think the market is changing from the family that gets on V/Line from Bendigo, shops from 9am and leaves at 3pm. I think retail offerings in the city are becoming more tailored for people that are using the city more frequently."
According to the 2011 census, almost 20,000 people living in the City of Melbourne were born in China, Malaysia, India or Indonesia. And since then, the CBD’s population growth has accelerated to record rates, including a yearly increase of 23 per cent to June 2013.
Martin Ginnane of retail advisory firm Ginnane & Associates said international visitors were one of the key factors driving viability of Melbourne Emporium, on top of local demand and greater appetite for global brands, partly motivated by online shopping.
He said that because Chinese tourists could only take limited funds out of their home country, international students were being sent credit cards loaded with cash. "And they go into stores and shop."
Between now and August, Emporium Melbourne is set to add almost another 100 retailers to its 48,000 square metre centre, which links David Jones, Myer and Melbourne Central through multiple bridges and walkways.
Mr Ginnane said the Emporium would add more than just new options for Melbourne, but also alter its face, by forcing up the standards of stores. He said it would also likely shift the CBD's "heart" north to Little Bourke Street.
Lord Mayor Robert Doyle said a recent wave of new shopping additions in Melbourne had not happened overnight, but had been the result of "30 years of drawing people into the city".
He was confident the small boutique offerings in grungy laneways would survive, alongside the headline international brands.
