Overall spending in the Newmarket precinct has increased $19 million to $622.8 million for the year to June 2016, while spending by visitors internationally has also gone up to 24.2 per cent year on year, according to the Newmarket Business Association.
The average spend per transaction remains at a premium in Newmarket at $67.10, which is at least $20 higher per average transaction than competitor districts in Auckland.
Mark Knoff-Thomas, chief executive of the Newmarket Business Association, said a big lift in spending in the precinct is a really encouraging sign for the retail sector.
Knoff-Thomas said he attributes Newmarket’s double digit growth to an improved above the line marketing strategy, using a multi-channel approach in both print and digital media, plus the various transport options available which makes Newmarket so easy to access.
He said the strong spending growth is definitely a good sign for other retailers nationwide, particularly with strong tourist numbers generating additional spending.
“We have invested heavily in innovative marketing strategies to build up our brand visibility to differentiate ourselves from other districts. As the second largest public transport hub in Auckland, Newmarket’s well-developed infrastructure which includes buses, trains, motorway access and carparks, provides multiple modes of access for our shoppers.”
“In what is still a fiercely competitive retail market, consumer confidence remains strong and this is due to the number of new and exciting projects we have in the pipeline,” he added.
Over the coming months, major retail developments are scheduled within Newmarket, including 277 and 309 Broadway – major mall development at Westfield Mall; 60-80 Broadway (The Warehouse site) – major retail/mall/hotel development; Manson’s new Mercury head office on the corner of Alma Street & Broadway; Major upgrade for Teed Street earmarked for the New Year; and nine apartments blocks under construction already or in the pipeline for 2017.
“As part of Newmarket’s intensification within the Auckland Unitary Plan, we’ve been working really hard to ensure our district is well positioned for commercial and retail growth, which we can see is already paying off. These developments will make the Newmarket precinct an even better place to shop, work, dine, live and commute in,” said Knoff-Thomas.
