Every business goes through that time of the year when they assess the state of the nation, the “how are we travelling” question. This question is especially focused coming to the end of the financial year.
Well, today I happened to be walking through the Strand Arcade (Pitt St Mall) pretty much right in the middle of lunch time … and was greeted by this site. The Strand Arcade, one of the prime retail spaces in Sydney CBD was virtually empty on the ground floor. The second and third levels were empty. Do you think this is affecting retailers? Sure is.
I spoke with Victoria and Albert Antiques and they were one of the few stores with at least browsers in.
It’s rare that during Sydney CBD’s Monday lunch peak it could be so deserted, especially on a day that was sunny … and it’s not just retail. The current downturn is affecting Australia’s wider business economy as well.
In our position as an online business directory we get to chat and pitch to Australian businesses all the time, throughout Australia and across many diverse industries. Pretty much across the board we are witnessing a tightening of the belt.
But I don’t think it’s all doom and gloom, people are beginning to get confidence, looking forward and planning. We’ve seen an upturn in online advertising and a greater awareness of the impact on Internet marketing (as opposed to SEM or PPC … they coined that phrase well didn’t they).
I would, however, encourage businesses to focus on their strengths. Target their online marketing locally and gain a stronghold in their own backyard before venturing out into greener pastures. Check out the article on Google Search by Mande for more.