Wagga Wagga Retail GrowthStrategy 2010-2025

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Wagga Wagga Retail GrowthStrategy 2010-2025

Transcript of Wagga Wagga Retail GrowthStrategy 2010-2025

  • Wagga Wagga Retail Growth

    Strategy 2010-2025

    Wagga Wagga City Council

    July, 2010

    Prepared by AECgroup

  • Wagga Wagga Retail Growth Strategy 2010-2025 Final Draft

    i

    Table of Contents

    TABLE OF CONTENTS ........................................................................................ I

    EXECUTIVE SUMMARY ..................................................................................... V

    1. INTRODUCTION ....................................................................................... 1

    1.1 PROJECT BACKGROUND .................................................................................... 1

    1.2 PURPOSE OF THE STUDY ................................................................................... 1

    2. LOCAL AND REGIONAL PLANNING CONTEXT ............................................. 2

    2.1 RETAIL AND COMMERCIAL DEVELOPMENT STRATEGY 2007 ............................................ 2

    2.2 WAGGA WAGGA SPATIAL PLAN 2008 ................................................................... 2

    2.3 WAGGA WAGGA DRAFT LOCAL ENVIRONMENT PLAN 2010 ............................................. 2

    2.4 WAGGA WAGGA DRAFT DEVELOPMENT CONTROL PLAN 2010 ......................................... 3

    3. CONSULTATION PROCESS ........................................................................ 6

    4. WAGGA WAGGA RETAIL SECTOR .............................................................. 8

    4.1 CONTRIBUTION TO ECONOMY ............................................................................. 8

    4.1.1 EMPLOYMENT ..................................................................................... 8

    4.1.2 GRP .............................................................................................. 8

    4.2 RETAIL HIERARCHY ........................................................................................ 9

    4.2.1 TENANCY MIX ................................................................................... 12

    4.2.2 BUSINESS CHARACTERISTICS .................................................................. 12

    4.2.3 RECENT BUSINESS PERFORMANCE ............................................................. 13

    4.3 BUSINESS SATISFACTION & CONFIDENCE .............................................................. 13

    4.3.1 RATING AS A PLACE TO DO BUSINESS ......................................................... 13

    4.3.2 PROPOSED EXPANSION OF BUSINESS .......................................................... 13

    4.3.3 ANTICIPATED BUSINESS PERFORMANCE ....................................................... 14

    5. TRADE AREA ANALYSIS ......................................................................... 15

    5.1 TRADE AREA DEFINITION ................................................................................ 15

    5.2 POPULATION ............................................................................................... 18

    5.3 DEMOGRAPHIC CHARACTERISTICS ....................................................................... 19

    5.4 PROJECTED POPULATION GROWTH....................................................................... 19

    6. RETAIL MARKET ASSESSMENT ................................................................ 21

    6.1 SUPPLY ASSESSMENT ..................................................................................... 21

    6.1.1 TRADITIONAL RETAILING ....................................................................... 21

    6.1.2 BULKY GOODS................................................................................... 22

    6.2 COMPETING CENTRES..................................................................................... 23

    6.3 INDUSTRY TRENDS ........................................................................................ 23

    6.3.1 SALES AND SPENDING .......................................................................... 23

    6.3.2 BUSINESS AND RETAILING ..................................................................... 25

    6.3.3 CONSUMERS AND SHOPPING ................................................................... 25

    6.3.4 PLANNING AND CENTRES ....................................................................... 25

    6.4 SWOT ANALYSIS ......................................................................................... 26

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    6.5 DEMAND ASSESSMENT ................................................................................... 27

    6.5.1 HOUSEHOLD EXPENDITURE ..................................................................... 27

    6.5.2 MARKET SHARE AND LEAKAGE ................................................................. 28

    6.5.3 ROGUE EXPENDITURE ........................................................................... 28

    6.5.4 RETAIL EXPENDITURE IN WAGGA WAGGA ..................................................... 29

    6.5.5 FLOORSPACE DEMAND .......................................................................... 29

    6.6 GROWTH POTENTIAL ...................................................................................... 30

    6.6.1 GROWTH SIGNALS & DETERMINANTS ......................................................... 30

    6.6.2 STRATEGIC POSITION & COMPETITIVENESS ................................................... 31

    6.6.3 PROJECTED FLOORSPACE DEMAND ............................................................. 32

    6.7 OPPORTUNITIES ........................................................................................... 32

    6.7.1 MYER CARPARK.................................................................................. 33

    6.7.2 FORUM 6 CINEMA/SAMS WAREHOUSE & CARPARK .......................................... 33

    6.7.3 PROFESSIONAL DEVELOPMENT ................................................................. 33

    7. COMMERCIAL OFFICE ASSESSMENT ........................................................ 35

    7.1 SUPPLY ASSESSMENT ..................................................................................... 35

    7.1.1 TENANCY MIX ................................................................................... 35

    7.2 COMPETING CENTRES..................................................................................... 36

    7.3 INDUSTRY TRENDS ........................................................................................ 37

    7.3.1 EMERGENCE OF BUSINESS PARKS .............................................................. 37

    7.3.2 HOME-BASED OFFICE TRENDS ................................................................. 37

    7.3.3 GREEN OFFICE BUILDINGS ..................................................................... 37

    7.3.4 WORKSPACE RATIOS ............................................................................ 37

    7.3.5 INCREASING TECHNOLOGY ..................................................................... 38

    7.3.6 LOCATIONAL CRITERIA FOR OFFICE TENANTS ................................................. 38

    7.4 GROWTH POTENTIAL ...................................................................................... 38

    7.4.1 GROWTH SIGNALS & DETERMINANTS ......................................................... 38

    7.4.2 STRATEGIC POSITION & COMPETITIVENESS ................................................... 39

    7.4.3 PROJECTED FLOORSPACE DEMAND ............................................................. 39

    7.5 OPPORTUNITIES ........................................................................................... 39

    7.5.1 MYER CARPARK.................................................................................. 40

    7.5.2 FITZMAURICE PRECINCT WOOLWORTH CARPARK ............................................. 40

    8. RETAIL STRATEGY ................................................................................. 41

    8.1 AIMS AND OBJECTIVES ................................................................................... 41

    8.2 CENTRES HIERARCHY ..................................................................................... 42

    8.3 VISION .................................................................................................... 44

    8.4 STRATEGY OVERVIEW .................................................................................... 44

    8.4.1 PLANNING........................................................................................ 44

    8.4.2 DEVELOPMENT AND INVESTMENT IN SPECIFIC RETAIL CENTRES ............................. 46

    8.4.3 MARKETING STRATEGY TO FACILITATE INCREASED INVESTMENT ............................ 49

    8.4.4 PLACEMAKING ................................................................................... 51

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    9. ACTION PLAN ........................................................................................ 53

    9.1 SHORT TERM ACTIONS ................................................................................... 53

    9.2 MEDIUM TERM ACTION ................................................................................... 56

    9.3 LONG TERM ACTIONS ..................................................................................... 58

    10. PERFORMANCE MEASUREMENT AND MONITORING MECHANISMS ............ 61

    REFERENCES ................................................................................................. 62

    APPENDIX A: DEMOGRAPHICS .............................