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Wellington Retail - February 2010

Occupier demand for retail premises in Wellington has softened further over 4Q09 as retailers remain concerned about consumers' propensity spend. In October 2009 Wellington's core retail sales fell 7.5% y-o-y, continuing the general downward trend in total retail sales, according to Statistics New Zealand. The vacancy rate of 4.35% in 4Q09 has decreased by 146 basis points since hte previous survey. This is the first decline in vacancy in the Wellington retail market since 4Q07.

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