Five outlets at Yagan Square have shut their doors in recent months as the COVID-19 recession takes its toll on the precinct.
Five outlets at Yagan Square have shut their doors in recent months as the COVID-19 recession takes its toll on the precinct.
The number was confirmed to Business News by state government agency DevelopmentWA, which said five closures had happened since the pandemic struck.
While vacancy rate data inside the market hall was not available, Business News estimates about seven tenancies on the bottom floor are shuttered, following walkthroughs of the square.
It follows the liquidation of Big El’s X The Wknd and the closure of Primal Pantry’s Yagan Square outlet, both revealed by Business News in May last year.
While pressure was building at the precinct more than a year ago, the shutdown, social distancing and ensuing recession have caused further headaches.
Ahi Poke told social media followers in April it would temporarily close its doors, and according to Yagan Square’s website, that outlet, and Jersey Jack Gelato, are closed.
Some businesses are not trading at Yagan Square, but continuing broader operations in other parts of Perth.
However, Japanese-inspired Teppanyaki restaurant Hiss & Smoke and comfort food eatery Godzilla Kare are among those still in operation.
Outlets on the precinct’s southern perimeter remain in operation, such as Le Vietnam and Henry Little.
That flank of the food hall is open onto an area of foot traffic from Perth station.
Business News understands foot traffic inside the market hall could be less than half what was originally estimated.
DevelopmentWA chief executive Frank Marra said Yagan Square has put Perth on the map around the world, making the Forbes annual Travel Guide's list and The New York Times' 52 Places to Go in 2019.
“Unfortunately, Yagan Square has not escaped the effects of the coronavirus pandemic which has had a significant impact on many businesses both locally, nationally and internationally”, Mr Marra said.
“To support the tenants, DevelopmentWA waived the tenants’ rent for six months through the McGowan government’s COVID-19 small business relief package.
“In addition, DevelopmentWA is continuing to work with tenants to ensure Yagan Square is a success, with a number of activation and marketing initiatives in development.
“Also a range of promotional initiatives are frequently implemented including the use of the digital tower, and our website, Instagram and Facebook are (under way).”
