The move, which has seen Vicinity Centres partner with and invest in Click Frenzy owner, Global Marketplace, intends to see Vicinity grow its online capabilities and expand its omni-channel retail power.
As part of the deal, Vicinity Centres is taking a minority shareholding in the online business – nearly 20 per cent – which will assist in facilitating the online presence that the company wants to provide retailer in its centres across Australia.
“Our investment in GMP and expansion into omni-channel retail introduces new instore 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,” commented Vicinity’s Chief Innovation and Information Officer Justin Mills.
Similarly, the investment and partnership is a good deal for Global Marketplace, as it allows the company to extend its service into the physical retail space.
Nathan Brown, Chief Executive, Global Marketplace, added: “Joining forces with Vicinity will facilitate GMP’s continued growth, enhance the performance of omni-channel retail in Australia, and deliver some ground-breaking new initiatives for retailers and customers.”
