By David Wilcox | 5 Jun 2017

As is it today, Parramatta CBD is already in an enviable position as a major retail destination.

Parramatta CBD has an estimated 200,000 m2 retail floorspace1 , including Westfield Parramatta, which is the joint-largest shopping centre in New South Wales2 . Recent entrants to the market are transforming the retail offer in Parramatta CBD and there are several major retailers looking for space. Parramatta’s central location makes it accessible to the 1.6 million residents already living in Western Sydney.

Following are the top 10 reasons retailers should be in Parramatta. 

1. Parramatta is already a major retail destination

The second largest CBD in Sydney and the sixth largest in Australia, it contains an estimated 200,000 m2 retail floorspace.

2. Major population and employment growth will drive spending

Parramatta CBD is projected to add up to 14,500 new residents and 22,000 new jobs by 2026. Western Sydney is projected to add 433,000 new residents in total over the same period.

Resident spending growth across Western Sydney is projected to increase by $12.28 billion between 2016-2026.

3. Capacity to sustain more shops

Resident spending growth across Western Sydney is projected to increase by $12.28 billion between 2016-2026. This level of spending growth could sustain the equivalent of 1.5 new Westfield Parramatta shopping centres being built each year across Western Sydney.

4. Sydney’s geographic centre is becoming even easier to visit

Investment in transport infrastructure is making Parramatta even easier to visit. New light rail, ferry wharf, roads and potentially a second metro link will all make it even easier for people to shop in Parramatta.

5. Youthful diverse and vibrant

New cultural facilities, curated events, a new university campus and new schools will all add a youthful energy to Parramatta CBD. 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.

6. Competitive rents

Retail rents in Parramatta CBD are significantly lower than those found in prime Sydney and Melbourne CBD locations. This creates a great opportunity to support emerging and expanding businesses.

7. Public and private sector activity is providing certainty for investors

Local and state government, together with the likes of Walker Corp, Meriton and Crown are currently investing billions of dollars in transformative projects which are reshaping Parramatta right now.

Numerous developments and initiatives are creating a diverse, modern CBD.

8. Transformative projects are creating a unique City

Numerous developments and initiatives are creating a diverse, modern CBD. These are city-shaping projects that offer exciting new retail opportunities.

9. CBD retail is transforming

A mix of new international retailers, funky cafés and small bars have started the Parramatta retail revolution. New entrants are creating a diversified retail mix.

10. Vibrant Retail Precincts

Flagship developments such as Parramatta Square, the Riverbank Precinct and Civic Link will create bold new retail precincts accommodating new entrants to the Parramatta retail scene. These developments will be catalysts for renewal of street front retail throughout Parramatta CBD.

1. Parramatta CBD retail floorspace estimate – Source: Parramatta CBD Retail Impact Study March 2013, Marcoplan Dimasi March 2013
2. Gross leasable Area (Retail) – Source: Shopping Centre Council Australia 2016

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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