Home » Vicinity Centres and Global Marketplace announce new strategic partnership
Industry News Technology

Vicinity Centres and Global Marketplace announce new strategic partnership

Global Marketplace (GMP) and Vicinity Centres (VCX), have today announced a strategic partnership combining the national physical footprint of Vicinity’s 61 retail destinations with leading e-commerce events, data and marketplace owner GMP.

Owner of Click Frenzy, Click Central, and Power Retail, GMP’s partnership with Vicinity will support its growth aspiration and play an important role in Vicinity’s expansion of its omnichannel retail presence. GMP has also entered into an agreement for the acquisition of New Zealand based GrabOne, which is expected to complete by the end of October.

“This is an ideal strategic fit – Vicinity Centres owns and manages some of Australia’s leading physical retail destinations, and GMP offers a substantial footprint in digital commerce” said GMP CEO Nathan Brown.

“GMP will add to Vicinity’s physical retail reach by offering established e-commerce brands, an audience of over 1.7 million online shoppers, and data and insights via Power Retail, Click Central, and two of the four biggest weeks on the Australian online retail calendar including Click Frenzy.

“Joining forces with Vicinity will facilitate GMP’s continued growth and enhance the performance of omnichannel retail in Australia and deliver some ground-breaking new initiatives for retailers and customers.”

Vicinity Centres owns and manages some of Australia’s leading physical retail destinations

The strategic investment in GMP advances Vicinity’s expertise in omnichannel retail, connecting its 7,000 retail partners, with online promotions and marketplaces to deliver shared value creation for retail partners, shoppers and securityholders.

“Our investment in GMP and expansion into omnichannel retail introduces new in-store and online sales opportunities while also extending the reach of our retail partners and supplementing the 340 million visits we had to our centres in FY21,” said Vicinity Chief Innovation and Information Officer, Justin Mills.

“Investing in GMP will help facilitate online sales for our retailers and complement our broader fulfilment and distribution strategy which will provide retailers with efficient shopping centre-based fulfilment solutions and take advantage of our coast-to-coast physical footprint, with 66% of the Australian population living within 30 minutes of our doors.”

The partnership sees Vicinity Centres acquire a minority shareholding in Global Marketplace, with a strategic alliance agreement intended to create mutual value for both businesses and benefit the overall retail sector.

Separate to Vicinity’s investment in GMP, Partners for Growth (PFG) are also providing debt finance for the GrabOne acquisition to support GMP’s current growth aspirations in solidifying its position in the ecommerce sector in Australia and New Zealand.

About the author

Avatar photo

Shopping Centre News

Shopping Centre News (SCN) is in the ‘information business’, and is perceived as such by its readers. Daily industry news makes shoppingcentrenews.com.au a must-visit as part of the morning routine for those who want to keep right across the latest retail developments and events, while SCN's premium magazine is the leading publication for the shopping centre industry in Australia and New Zealand.

Known as the ‘industry bible’ SCN is printed five times a year with fascinating, in-depth features and important critical analysis written by known industry insiders as well as the popular ‘Guns’ reports, which ranks Australian shopping centre performances. Shopping Centre News is the only publication in the world that features centre statistics on Turnover, Turnover per square metre and Specialty Shop turnover per square metre for every major centre in Australia.

Add Comment

Click here to post a comment

Advertisement