Vicinity Centres has taken out a near 20% stake in Global Marketplace, the parent company of Click Frenzy.
Background: Vicinity Centres is Australia's second-biggest owner of shopping centres with a few big names under its belt (Melbourne's Chadstone, Sydney's DFO in Homebush, Brissy's Myer Centre). In fact, two-thirds of the population live within 30 minutes of a Vicinity shopping centre.
What happened: Global Marketplace is the parent company of online sales GOAT Click Frenzy. And now, Vicinity has taken out a near 20% stake in the company.
What else: The deal will reportedly take Global Marketplace's value to $50 million, and will bring Vicinity heaps of new customers (1.7 million to be exact!).
💡United they stand, divided they fall. Vicinity and Global Marketplace are technically rivals (one competes in the physical world...the other, in the online world).
💡The deal is a sign that the pair realise they have a lot to offer one another. Vicinity can give GM access to 7,000 retailers, and GM can give Vicinity access to 1.7 million customers.
💡The use case of physical stores is starting to change through 'click and collect' - with these stores becoming mini distribution centres. Vicinity's 61 shopping centres around Australia = 61 distribution centres for Global Marketplace's customers. How's that for synergy?!
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