D - Economic Impact Assessment Addendum by Location IQ (6.08.19)

    area is considered a general rule of thumb within the retail industry. In areas with high levels
    of tourist visitation (such as Noosa), demand from beyond the total trade area can be higher,
    but for the purposes of this analysis, a conservative approach has been taken.

    Overall, taking into account floorspace demand flowing into and out of the total trade area, total
    floorspace demand is estimated at over 117,000 sq.m currently, increasing to over 132,000
    sq.m by 2031.

‒   Supply: current floorspace supply is estimated at just over 94,000 sq.m. This information is
    based on a detailed survey undertaken by Location IQ in April 2019. This equates to a provision
    of around 0.68 sq.m per person, which is lower than typical benchmarks despite a broad
    interpretation of the large format retail and showroom category in this case. There are no known
    developments which will increase the supply of floorspace within the total trade area, besides
    the subject proposal. Vacancy levels are low, primarily comprising newly developed space
    which is not yet leased. As such, the supply of floorspace is assumed to remain constant over
    the period to 2031.

‒   Over/Under Supply: the total trade area is currently undersupplied by just over 23,000 sq.m,
    increasing to almost 38,000 sq.m by 2031, assuming no other competitive development come
    online during this period.

‒   Noosa Marketplace is proposed to include 8,780 sq.m of large format retail/non-retail
    showroom floorspace. This would account for only 32.1% of the projected undersupply of
    floorspace within the total trade area in 2022, reducing to 23.1% by 2031 (refer Chart 2).

‒   Gap Analysis: Tables 2 and 3 provide a gap analysis of national brand large format retailers in
    the region. The store provision (i.e. number of persons per store) in South-East Queensland for
    each brand is also detailed. As shown, a number of brands are not currently represented within
    the total trade area. Many of these have a store provision which is generally in the range of the
    Noosa Marketplace total trade area population. This indicates that there is a significant pool of
    potential national brand operators which could be targeted to form part of the development,
    including:

     JB Hi Fi                                                Carpet Court

     The Good Guys                                           The Vast Interior

     Spotlight                                               RT Edwards

     Snooze                                                  Robins Kitchen

     Amart Furniture                                         Kathmandhu




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