Parramatta population growth to usher in retail boom
WESTERN Sydney consumers are expected to spend $12b a year more in 2026, according to a new report, and there’s hope it will attract brands such as Armani Exchange, Louis Vuitton and H & M.
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WESTERN Sydney could sustain another 15 Westfield shopping centres with consumers expected to spend an additional $12 billion over the next decade.
A new report commissioned by the Sydney Business Chamber, Western Sydney and Parramatta Council found retail spending by western Sydney residents is projected to reach $40.37 billion in 2026 — compared to $28.09 billion spent in 2016.
Within the Parramatta CBD, shoppers are expected to spend an additional $248 million dollars by 2026.
“What we are going to get is an explosion of shopper dollars,” said David Borger, western Sydney director of the Sydney Business Chamber.
Parramatta is already booming but with population and jobs set to rocket over the coming decades, and 432,000 new residents across western Sydney moving in, the CBD is set to experience a once in a generation retail boom.
“Our report shows that pedestrian traffic from an influx of students, residents and workers will drive massive new retail spending,” Mr Borger said.
The boom represented a “perfect storm” of market conditions for retailers to invest in Parramatta, the report said.
It identified a ‘hit list’ of huge international fashion brands to address a gap in the market, including Ralph Lauren, Armani Exchange, Louis Vuitton, Boss, and H & M.
Mr Borger said Parramatta had the potential to transform into an international shopping destination.
“What we are getting is a Rodeo Drive, a Champs Elysees if you like, but it is going to be a truly Parramatta experience,” he said.
“We will attract all those top end labels and it’s also an opportunity for Australian fashion to make a statement too.”
Apple and electric car maker Tesla are already scouting the area and have tasked leading real estate companies to search for iconic premises worthy of their hi-tech products.
“We’ve already got a great reputation for our food,” Mr Borger said.
“But the city can do a lot more than simply be the region’s tuck shop. What we want to see is international retailers setting up here.”
Westfield has flagged the growth of its current city centre premises to provide an additional 23,000 square metres of retail space, plus a 35,000 square metre office tower, and it promises to be just the start of a glittering retail expansion across the CBD.
Taking cues from places like Central Park in Chippendale and The Streets of Barangaroo, Parramatta is expected to develop three major new retail hot spots including the new Civic Link street, Parramatta Square and the Riverside precinct.
Parramatta Council administrator Amanda Chadwick said the more retailers and hospitality providers would increase the vibrancy and livability of the CBD.
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“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,” she said.
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