Final report on Melbourne's six-year retail strategy released
The Melbourne City Council releasted the final report card of its Melbourne Retail Strategy 2006-2012, showing that Melbourne has developed into Australia’s premier retail city.
Produced by the City of Melbourne and the Victorian Government, the strategy was the first of its kind when launched in 2006. Its key objective was to ensure Melbourne’s retail scene continued to thrive and that new opportunities in retail were supported.
Lord Mayor Robert Doyle said the release of the latest report card presented an opportunity to look back on Melbourne’s retail scene over the past six years and see how much the industry had changed and grown.
“We know it’s a tough and competitive retail market with the rise of online shopping and periods of economic downturn impacting retail sales. But we have also seen an impressive 18 per cent increase in retail and industry establishment since 2006,” the Lord Mayor said.
“While Melbourne is faring better than most other states, we must continue to find innovative ways to support and promote our retail industry and build on our standing as a key fashion and retail destination.”
The report shows that the greatest growth areas in retail were outside the city centre, in Kensington, Southbank and Docklands with more than half of all new establishments appearing in these suburbs. Vertical and basement spaces have also transformed retail in Melbourne, with a15 per cent growth in above awning shops and 39 per cent growth in basement retailing.
Lord Mayor Robert Doyle said Council’s support of major events and capital works also contributed to the strong performance of retail.
“Melbourne Spring Fashion Week continues to make a $5 million direct investment in retail each year. The $25.6m Swanston Street redevelopment has transformed the spine of our city and the retail offer will continue to evolve over the next few years, offering new opportunities for retailers.”
The latest August 2012 vacancy rate figures reveal that Melbourne’s retail core has a vacancy rate of just five percent – down 2.4 per cent from the March 2012 figures (7.4 per cent).
This final report card also includes survey results undertaken of 85 key retail industry stakeholders. The feedback was overwhelmingly positive, with almost 90 per cent of stakeholders saying the Melbourne Retail Strategy had been effective in contributing to the retail health of the city.
Since 2006 the City of Melbourne and the Victorian State Government have collectively contributed almost $1million towards the Melbourne Retail Strategy. They will continue this commitment by releasing the next retail strategy in mid 2013 that will set goals to support the retail industry for 2013-17.
Highlights of the Year Six Report Card include:
- The Tourism Brand Health Survey shows Melbourne retained its number one ranking overall, and outperformed Sydney in most attributes, including as a great place to go shopping.
- Introduction of international brands in 2011-2012 include Paul Smith, Converse, GAP and the redevelopments of Tiffany &Co, Saba and Alice Euphemia.
- Milestone anniversaries for local retailers including Aesop (25 years), Wittner (100 years) and The Block Arcade (120 years).
- This year, a review of the Melbourne Retail Strategy was conducted. Stakeholders of the Melbourne Retail Strategy 2006:2012 see the project as a success.
The Retail Report Card 2006-12 shows that:
- Since 2006, there has been significant change in Melbourne’s retail landscape with an 18 per cent increase in retail and industry establishments from 4,696 in 2006 to 5,534.
- Key areas of growth include: children’s clothing retailing with 10 new stores; supermarket and grocery with 49 new stores; 10 new footwear retailing stores; 20 new personal accessory retailing stores; 108 new clothing retailers; 93 new women’s clothing retailing stores; 34 new men’s clothing retailing stores; and 14 new furniture retailing stores.
- The city’s prized asset, the laneways continue to provide residents and visitors with a dynamic and cultural retail experience. Since 2006, there have been 26 new establishments to take occupancy in laneways – from 12 new cafes and restaurants and 12 fashion retailers.
For a copy of the Melbourne Retail Strategy and the Report Cards on the Strategy visit www.enterprisemelbourne.com.au/retail