Wednesday 19 December 2012
For Immediate release
Newmarket rides Christmas spending wave
Cash registers in the Auckland shopping precinct of Newmarket are ringing out loud in the build up to one of the biggest
spending weekends of the year.
With just five more shopping days left until Santa's arrival Auckland's second largest retail centre is humming with
activity as pre-Christmas spending picks up.
While accurate spending figures are yet to be released, Ashley Church, Chief Executive of the Newmarket Business
Association expects the 2012 Christmas spend to be significantly up on last year and believes that this bodes well for
retail spending in general.
"Newmarket is the perfect barometer for retail spending in New Zealand because of its complimentary mix of high-end
fashion, cafes and restaurants, and major retail outlets."
Despite the ongoing effects of the global financial crisis, retail sales in Newmarket have grown by 6.5 per cent over
the past year and the average transaction value has risen to almost $70, well ahead of Sylvia Park ($50), Ponsonby ($49)
and the CBD ($47).
"Despite New Zealander's love of malls, Newmarket still holds a clear preference for shoppers as a quality retail
destination and consistently outperforms Auckland's other major retail precincts. I expect the Christmas/New year period
to produce the same result"
Newmarket's future is looking even brighter with new plans by the New Zealand Transport Authority, Equinox and Westfield
to expand the area's retail footprint.
Westfield has proposed a major new four-level retail development on the historic Dominion Motors/Levene Extreme/Farmers
site which borders Mortimer Pass and Broadway, while NZTA has unveiled a draft master plan for a mix of commercial and
office space, active retail frontages, car parking buildings and multi-functional open space under the flyover.
Mr Church says "There is a pattern of growth taking place over a variety of different and quite important economic indicators that one
would assume will translate into prosperity for Newmarket."
ends