9. Appendix F - Economic Impact Assessment

5.4.     Sales Impacts

  i.    The proposed development will complement the existing retail facilities within Noosa and would provide
        the Noosa population with large format retail and showroom facilities of more than 11,000 sq.m.

  ii.   The proposed development is projected to achieve sales of around $3,500 per sq.m in 2021 (constant
        2018 dollars and including GST), or around $30.7 million. Based on this trading level, the average
        impact on surrounding large format retail stores would be in the order of 6.5% in 2021 (based on the
        assumption of a redirection of sales from existing trade area facilities only), and therefore would not
        affect the viability or continued operation of any store. The majority of sales will come from market
        growth.

  iii. However, it is unlikely that the development would impact surrounding facilities to the degree outlined
        above given it would likely comprise new traders to the locality and as such, would not provide a direct
        replication of any existing tenant or facility within the immediate region. Consequently, any impact on
        surrounding facilities would be minimal.

  xvii. This analysis assumes that all impacts resulting from the proposed development will be on existing
        retailers within the total trade area and does not assume that the proposed development will reduce the
        amount of spending currently escaping the trade area. In reality, given that anchor tenants which are
        not currently provided within the trade area will be targeted, a proportion of sales generated by the
        proposed development will result from the redirection of spending from retailers beyond the total trade
        area. Consequently, any impact on surrounding facilities would be below 6.5% and minimal. Further,
        growth in population and large format retail spending within the total trade area will ameliorate any
        impacts on existing retailers.

  iv. The proposed development would also serve to strengthen Noosa as a retail and showroom destination,
        and not would not impact on the role served by major facilities such as Noosa Civic or Sunshine Plaza
        at Maroochydore, which contain a large non-food component including apparel and discount
        department store shopping.




        Noosa Marketplace, Queensland
        Economic Impact Assessment                                                                         70
        May 2019