Attachment 7- Economic Impact Statement

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5.6 Summary   The need analysis presented in this section can be summarised as follows:
              •    Retail provision within the NBC, dominated by the Noosa Civic Shopping Centre,
                   serves a relatively wide catchment that extends across Noosa Shire and into the
                   regional hinterland, with the extent of this catchment informed by analysis of
                   visitation to Noosa Civic using mobile geolocation data.
              •    The catchment has continued to experience population growth even during the
                   COVID pandemic, and growth is forecast to continue mainly through infill
                   development and high-density housing close to activity centres, albeit at levels lower
                   than the historical average prior to COVID.
              •    Tourism makes a significant contribution to local activity levels, in terms of the
                   numbers of visitors and their spending on retail and other goods and services.
              •    Demand for new traditional retail floorspace will come from greater retention of
                   demand from residents to reflect the intended strategic role of the NBC in the activity
                   centre hierarchy, as well as from increases in population and visitor numbers.
              •    The analysis in this report provides strong support for the proposed 7,500 sqm of
                   retail floorspace at the VMU precinct, along with the additional 6,500 sqm to be
                   added within the Retail precinct. Both developments are consistent with the
                   provisions of Noosa Plan. The total combined 14,000 sqm of traditional retail
                   floorspace represents only around 40% of the potential for additional traditional retail
                   floorspace across the catchment by 2027.
              •    This conclusion is supported by previous analysis undertaken on behalf of Noosa
                   Shire Council in 2018.
              •    The provision of supermarket floorspace within the catchment is currently well below
                   the typical average provision rate experienced throughout Queensland, with an
                   opportunity to increase current supply by nearly 10,000 sqm to reflect typical
                   average provision rates, and with further opportunities in the future to expand
                   supermarket provision.
              •    The undersupply of supermarket floorspace is demonstrated by very high average
                   trading performance for supermarkets across the catchment, at levels 40% or more
                   above the typical threshold for a sustainable supermarket sector.
              •    The proposed additional 1,000 sqm of supermarket floorspace over and above the
                   acceptable outcome set out in Noosa Plan is of marginal consequence when
                   compared with existing provision, is justified by an assessment of future need, was
                   supported by work undertaken for Noosa Shire Council in 2018, and would be of
                   sufficient size to better meet the needs and expectations of shoppers and the
                   operator. It would have little effect on overall trading levels across the supermarket
                   sector.

              Overall, there is strong justification for the proposed Noosa Civic Village on need
              grounds, including for a new full-line supermarket of 3,500 sqm rather than a smaller
              format store of 2,500 sqm.




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