Latest Newmarket results augurs well for retailers nationwide in lead up to Christmas
Auckland, New Zealand: Tuesday, 27 September 2016
The Newmarket precinct has delivered yet another solid year of trading with results released from the Newmarket Business Association reinforcing its status as a premier fashion, shopping and entertainment destination.
Overall spending in the district is up an impressive $19 million to $622.8 million for the year to June 2016, whilst spend by visitors internationally has also leapt up to 24.2 percent year on year.
The average spend per transaction remains at a premium in Newmarket at $67.10, which is at least $20 higher per average transaction than competitor districts in Auckland.
Chief Executive of the Newmarket Business Association, Mark Knoff-Thomas, says a big lift in spending in the precinct is a really encouraging sign for the sector. He attributes Newmarket’s double digit growth to an improved above the line marketing strategy using a multi-channel approach in both print and digital media, plus the various transport options available which makes Newmarket so easy to access.
“This strong spending growth is definitely a good sign for other retailers nationwide, particularly with strong tourist numbers generating additional spending. We have invested heavily in innovative marketing strategies to build up our brand visibility to differentiate ourselves from other districts. As the second largest public transport hub in Auckland, Newmarket’s well-developed infrastructure which includes buses, trains, motorway access and carparks, provides multiple modes of access for our shoppers.
“In what is still a fiercely competitive retail market, consumer confidence remains strong and this is due to the number of new and exciting projects we have in the pipeline,” adds Mark.
Over the coming months major retail developments scheduled within Newmarket include:
· 277 and 309 Broadway – major mall development at Westfield Mall
· 60-80 Broadway (The Warehouse site) - major retail/mall/hotel development
· Manson’s new Mercury head office on the corner of Alma Street & Broadway
· Major upgrade for Teed Street earmarked for the New Year
· 9 apartments blocks under construction already or in the pipeline for 2017
“As part of Newmarket’s intensification within the Auckland Unitary Plan, we’ve been working really hard to ensure our district is well positioned for commercial and retail growth, which we can see is already paying off. These developments will make the Newmarket precinct an even better place to shop, work, dine, live and commute in,” says Mark.
Adding to the upbeat sentiment the Newmarket precinct is enjoying, the ANZ-Roy Morgan consumer confidence index figures for September shows consumers were optimistic in their 12-month outlook for the wider economy.
“Current conditions signal positive times in the retail sector and we expect consumer spending to remain strong in the lead up to the frenzied Christmas trading season and the year ahead,” concludes Mark.