Attachment 7- Economic Impact Statement

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Focussing on the figures for 2022, the average per capita provision rate can be applied to
the catchment population in that year to show demand for 152,500 sqm of traditional
retail floorspace. These figures are shown in Table 8 on p41 (refer row B).

There is currently 114,150 sqm of traditional retail floorspace within the catchment (refer
row C) as described in Table 7. An estimated 25% of this retail provision is supported by
tourists and other visitors, which means that of the total current traditional retail supply,
an estimated 85,600 sqm is directly support by catchment residents (row E).

Comparing the underlying demand for 152,500 sqm of retail floorspace by catchment
residents against the existing supply of 85,600 sqm that is supported by their demand,
these figures imply that 66,900 sqm of the current demand for traditional retail
floorspace by catchment residents ‘escapes’ outside the catchment (row F). This would
be represented by shopping trips made to centres such as Maroochydore, for example,
or even metropolitan Brisbane, to access particular goods and services or shopping
experiences not available locally.
The implication is that only around 56% of locally generated retail demand is retained
within the catchment in 2022 (row G). This is a particularly low retention rate (that is, an
unusually high level of demand escapes outside the catchment) and does not reflect the
centre hierarchy present in Noosa Shire and the designation of the NBC as a Major
Regional Activity Centre serving a sub-regional function with only Maroochydore
providing higher-order shopping. The same conclusion was made in the Noosa Shire
Retail Plan.
Table 8 then examines the situation over the period 2022 to 2035 by applying the same
methodology. Two outcomes are highlighted:
1. Due to population growth within the catchment, the demand for traditional retail
   floorspace by catchment residents will increase from 152,500 sqm in 2022 to
   172,000 sqm in 2035 (row B). This represents an additional 19,500 sqm just to cater to
   the larger population base. Over just the period 2022 to 2027 the increased
   population generates an addition 11,500 sqm of new retail floorspace demand.
2. If no new floorspace is constructed (and holding the contribution from visitors
   constant) the proportion of retained demand for traditional retail floorspace by
   catchment residents would decline from 56% in 2022 to 50% in 2035.

The lower part of Table 8 (rows H to K) examines existing and future need for traditional
retail floorspace by adopting a retention rate of 70%. This is consistent with the Noosa
Shire Retail Plan and reflects the role that retailing within the NBC should play given the
designation in ShapingSEQ. It also implies an expansion in retail offer to fulfill this role,
implicitly requiring the construction of new retail facilities, including at NBC as the
highest order centre in Noosa, as well as elsewhere in the region.
Note that a 70% retention rate still allows for $3 in every $10 of traditional (ie ex-LFR)
shopping to be directed outside the catchment, which is a sizeable amount given the
distances involved in such travel and the fact that the local centre hierarchy provides for
all levels of centres other than regional shopping (which is provided at Maroochydore).




Noosa Village Mixed Use Development – Economic Impact Statement for Development Application   Deep End Services