The Lilydale Marketplace, which has just undergone a revamp to the tune of $90 million, was reopened today.

Located in the Yarra Ranges, Victoria, this massive shopping centre now contains 60 specialty shops, as well as a brand-new BIG W department store.

Angela Babb, centre manager of the Lilydale Marketplace, called it a “significant investment in the local area” in a media statement released on July 31.

“The extension to the Marketplace is a $90 million vote of confidence in the future of the Yarra Ranges and consolidates Lilydale’s status as the Shire’s premier retail hub,” said Ms Babb.

She added that the Lilydale Marketplace upgrade has provided 600 people in the Yarra Ranges with jobs, both in construction and retail.

Opening a new retail business, even if it’s not quite on this scale, is always an exciting time. There are so many steps to take and decisions that need to be made.

Business Victoria offers an easy-to-follow guide on how to start a retail business in the area.

First of all, it says, ensure you do some digging into the retail industry. It is important that you understand what works and what doesn’t, the issues that the sector is currently dealing with and where your business will fit into all this.

If, for example, there are already three magic shops within walking distance of your store’s planned location, and none of them are doing very well, you might need to rethink a few things.

Another important decision you’ll have to make is what kind of retail insurance to purchase.

Insurance should be part of every business owner’s risk management strategy, and having the right kind of cover is vital.

For more information about the small business insurance options that are available for those in the retail industry, get in touch with MGA Insurance today.