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A Perfect Storm for Retail

Release Date: 17/05/2017
Western Sydney residents are expected to spend an additional $12 billion on retail by 2026, a joint Sydney Business Chamber, Western Sydney and City of Parramatta report has revealed.
A new report by Urbis, A Perfect Storm for Retail, found that retail spending by Western Sydney residents is projected to reach $40.37 billion in 2026 – compared to $28.09 billion spent in 2016.
David Borger, Director of the Sydney Business Chamber, Western Sydney, said, “In the next 10 years retail will continue to boom.  
“Western Sydney will need to accommodate the equivalent of 15 new Westfield shopping centres.
“Parramatta is expected to develop three major new retail hotspots including the new Civic Link street, Parramatta Square and the Riverside precinct. 
“Our report shows that pedestrian traffic from an influx of students, residents and workers will drive massive new retail spending. 
“Parramatta is Western Sydney’s retail heart and is rapidly becoming a food bloggers paradise with Gelato Messina, Jamie’s Italian and The Burger Project all setting up shop in the city.
“We would love to see huge international fashion brands such as Armani Exchange, Ralph Lauren, Boss and H&M come to Parramatta to complement the existing mix of what’s already here. 
“Parramatta has the potential to transform into an international shopping destination with our own version of Fifth Avenue in New York or Rodeo Drive in Los Angeles.
‘It is important we get the mix right and support both larger retailers as well as fine restaurants, bars and boutiques,” Mr Borger said.
City of Parramatta Administrator Amanda Chadwick said, “Council is committed to supporting the growth of retail in the city. 
“More retailers and hospitality providers will attract more visitors and talented workers and will increase the vibrancy and liveability of our CBD.
“Parramatta is becoming a prime investment opportunity for retail thanks to strong population and jobs growth and we look forward to an increasing number of retailers calling Parramatta home,” Ms Chadwick said.
Retail Hit List
Ralph Lauren
Scotch & Soda
Sass & Bide
Zara Home
West Elm

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