MCU14/0106 Appendix J - Retail Needs Assessment

Distribution of Main Trade Area Resident Spending
TOTAL RETAIL AND APPAREL, 2014                                                                                    TABLE 5.15
                                                  Total Retail                                     Apparel
                                     Share of MTA            Spending                Share of MTA             Spending
                                     Resident Spend              Market            Resident Spend               Market
                                          (%)                     ($M)                     (%)                    ($M)
    Noosa Civic                          10.5%                    112.9                   24.3%                   22.5
    Trade Area (excl Noosa Civic)        52.5%                    564.4                   19.0%                   17.6
Total within TA                           63.0%                   677.3                    43.4%                  40.0

    Sunshine Coast LGA                   13.7%                    147.8                   22.7%                   20.7
    Brisbane/Gold Coast                   6.0%                     64.4                   11.9%                   10.8
    Rest of Aus                           9.7%                    104.2                   11.9%                   10.8
    Online                                6.2%                     66.4                     7.3%                    6.6
    International                         1.4%                     14.7                     3.7%                    3.3
Total outside of TA                       37.0%                   397.5                    57.4%                  52.3
Total                                   100.0%                   1,074.9                 100.0%                   92.4
So urce : Quantium ; Urbis




5.9          SUMMARY
This section has provided an overview of the market characteristics within the Noosa Civic trade area,
including: a review of historic and forecast population growth for the State, region and trade area; a
review of the demographic characteristics of the trade area; a review of the current and forecast retail
expenditure market; and an analysis of the tourism and employment in the trade area.

The following is a brief summary:

     The South East Queensland Region has been one of Australia's population hotspots for several
      decades with the Sunshine Coast one of the fastest growing areas in the country. Going forward,
      South East Queensland is anticipated to grow at a faster rate than the state of Queensland overall,
      with an average annual growth rate of 2.2% expected through to 2021 and 1.7% per annum from
      2026 to 2031.

     It is expected that by 2021, population growth within the Noosa Civic main trade area could reach
      almost 90,000 people representing a growth rate of approximately 1.5%.

     In terms of demographics characteristics, the main trade area comprises of a high proportion of older
      aged, lower income, couple only households. Although the average annual household and per capita
      income levels are relatively low in comparison to the Queensland average, the main trade area
      comprises a greater incidence of home ownership and therefore has a higher level of disposable
      income as they are not committed to mortgage or rental payments. The highest incomes are
      experienced in the secondary south and north east sector.

     Over the next two decades or so, retail expenditure across the Noosa Civic main trade area is
      forecast to reach approximately $1.7 billion, an increase of some $618 million, excluding inflation.

     Noosa Shire typically accounts for a quarter to a third of total visitor nights on the Sunshine Coast,
      which confirms the importance of Noosa to the Sunshine Coast tourism sector. Going forward, the
      TRA forecasting committee has estimated that tourist visitor nights in the Noosa-Noosaville region will
      increase to around 4.8 million in 2023. This increase of 2 million visitor nights from current figures is
      expected to increase the level of tourist expenditure within the region significantly. Noosa Civic will be
      well placed to capture a small share of this additional expenditure, with other centres such as Noosa
      Junction and Hastings Street benefitting to a greater extent.




94     NOOSA CIVIC MARKET ANALYSIS
                                                                                                                                  URBIS
                                                                           NOOSA CIVIC - RETAIL NEEDS ASSESSMENT DEC 2014 MASTER - FINAL