Changes to Report to incorporate Attachment H · MCU13/0092

Feresight

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e The first full year of trading of the new centre is 2015.

e The supermarket will have a lettable area of 1,100m? (around one-third the size of
an average full-line supermarket).

e The closest full-line supermarket is Coles Peregian Springs, an 8.6 kilometre round
trip from Peregian Beach.

e¢ Competition will be as set out in Section 2.2. This includes the assumption that the
Green Grocer supermarket currently operating in the Peregian Square Village will
close prior to the first full year of operation in 2015 and the “Essence” development
will contain only a convenience food store.

e The new shopping centre will have a competitive standard of presentation,
operation and pricing.

4.1.3. Factors Determining Market Share

The forecast performance of the proposed centre is derived from the share of trade area
expenditure potential that it is considered likely to achieve. Market shares are drawn from
surveys and analysis of the performance of comparably sized stores.

The following factors are expected to be the principal determinants of the proposed
centre’s performance:

e The IGA will be the only supermarket within the trade area.

e The limited number of food retailers within the trade area and the distance to the
nearest full-line supermarkets will make the IGA the preferred destination for
convenience and top up shopping by trade area residents.

« The nearest supermarket (Coles at Peregian Springs) is 4.3km from the subject
site, a considerable distance in an urban area, which reduces its appeal as a
shopping destination by trade area residents where more convenient alternatives
are available.

« The position of the subject site provides several advantages for a convenience
centre, most notably the location, accessibility and parking provision, which is not
achieved in the Village Centre.

e The trade area has a relatively high proportion of retirees who will have limited
opportunity to shop at centres outside Peregian Beach on the way to and from
work, school and other destinations. This provides a more captive market for local
retailers.

For these reasons the centre is forecast to achieve a higher share of trade area resident
expenditure than would typically be expected for a centre of this size.

The proposed shopping centre is expected to attract about 39% of expenditure on take
home food from households within the trade area, plus a 10% market share on meals
out/takeaway and 25.4% share of convenience homewares and services spending. In

 

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Needs Assessment, Peregian Beach Centre
13002 Rev 2
19 February 2013