25 Jul 2018

A “retail revolution” is expected to see western Sydney’s booming population pump an extra $12 billion into a powerhouse region over the next decade.

As the State Government prepares to overhaul its retail strategy, various reports predict a business bonanza for Parramatta, which will be at the heart of a new Central River City, part of the Greater Sydney Commission’s 40-year vision for a “Metropolis of Three Cities”.

An independent report by Urbis says there will be an astronomical rise in retail spending across the west – where an additional 433,000 people are tipped to live by 2026 – as influential Millennials spend up big.

“A strong youth demographic, coupled with more workers, students and residents, will broaden the demand for new forms of retail and boost the evening economy,” the report states.

“New international retailers, funky cafes and small bars have started the Parramatta retail revolution.”

“New international retailers, funky cafes and small bars have started the Parramatta retail revolution."

Urbis

The report, Parramatta CBD: A perfect storm for retail ,estimates shoppers will spend an extra $12.28 billion by 2026 across the west, taking the industry’s worth to $40.37 billion. Within the Parramatta CBD, the second largest business district in Sydney, retail spending is expected to increase by $248 million over the next decade.

“This level of spending growth could sustain the equivalent of 1½ new Westfield Parramatta shopping centres being built each year across western Sydney,” the report states.

It also points to Parramatta Council updating its planning controls to allow for significantly more commercial floorspace in the CBD and an estimated 48,800 additional jobs created by 2036.

“The city needs to add more supply to capitalise on: 40 per cent more jobs in Parramatta by 2026; 14,500 new residents by 2026; Western Sydney University’s 7000 students per week; and a growing visitor economy,” the report, commissioned by Parramatta Council and the Sydney Business Chamber, said.

This article was first published in The Daily Telegraph, click here to continue reading. 

Urbis’ complete Parramatta retail report, prepared for the Sydney Business Chamber and City of Parramatta, is available for review here

Should you have any questions or wish discuss Parramatta’s retail transformation, please contact our team. 

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