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Seems like it's largely a tenant's market in the larger discretionary retail centres...

This looks like it's been coming for a while: http://www.smh.com.au/business/debtladen-shopping-centre-for-sale-20101116-17vw2.html http://www.smh.com.au/business/receivers-called-in-as-huge-top-ryde-shopping-centre-runs-up-700m-debt-six-months-after-opening-20110217-1aybl.html...