NT retail trade surges to best result in decade as Territorians spend local

THE amount Territorians spend on cafes, pubs and shopping has experienced its strongest yearly surge in a decade despite coronavirus and the ensuing retail shutdown.

THE amount Territorians spend on cafes, pubs and shopping has experienced its strongest yearly surge in a decade despite coronavirus and the ensuing retail shutdown.

The latest Australian Bureau of Statistics retail trade data revealed Territorians have spent, on seasonally adjusted terms, $2.8bn this year to October.

This is a staggering 8.2 per cent increase compared to the same time last year. Nationally, retail trade growth was 5 per cent year-on-year.

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The last time the NT had a retail turnover surge larger than this was in 2009, when spending grew 11.29 per cent.

It comes amid “cautious optimism” from hospitality and retail peak bodies in the NT and backs up anecdotal reports of stronger than normal trade in the last two months. Territorians splashed $39.9m on cafes, restaurants and takeaway food in October, giving the industry its strongest showing since June 2018.

Hospitality NT boss Alex Bruce and Darwin City and Waterfront Retailers Association vice chairwoman Darlene Chin described the retail trade surge as surprising considering the turmoil and uncertainty brought on by coronavirus. But there are anxieties about what increased interstate travel will mean for the Territory, which has benefited from a wave of southern arrivals and locals opting to stick around for the festive season.

“The retailers and hospitality people that I have spoken to recently are reporting positive results and sentiment in the city is good,” Ms Chin said.

“People are starting to move around the country … really it’s a bit of a guessing game right now.”

Mr Bruce said venues were staffing up and planning for their “biggest couple of months” in the last few years.

Alex James, co-owner of CBD burger bar Good Thanks, said he was “optimistic” about what the rest of the wet season would bring though it was ironic that coronavirus has become an “impetus for a kick in the arse” in Darwin’s economy.

Alex James From Good Thanks Burger Bar. Picture GLENN CAMPBELL

Originally published as NT retail trade surges to best result in decade as Territorians spend local