Auckland’s second largest retail centre is shrugging off the worst effects of the global economic downturn.
At this week’s AGM, Newmarket Business Association CEO, Ashley Church, said recent research indicates a consistent improvement over the past couple of years in Newmarket’s fortunes as a major shopping destination.
“Newmarket is holding its own and pushing ahead, against the odds,” said Church.
Despite suggestions that it might have lost its crown, retail sales in the area have grown by 6.5 per cent over the past year.
Newmarket has also maintained its position as New Zealand’s premium shopping destination.
Compared to its major competitors, the average spend or transaction value in Newmarket was more than $69, well ahead of Ponsonby ($49.75), the CBD ($47.50) and Sylvia Park ($50.39).
Outgoing Association chairman, Jonathan Macdonald, says he’s leaving the Association in very good hands and has confidence in the CEO and management team to achieve positive results for Newmarket.
“Although we are still in the midst of a significant downturn and uncertainty in the global and national economies, Newmarket is still in good heart and achieving growth against the trend,” Macdonald said.
While Newmarket’s branding as the fashion capital of New Zealand has been a success, the move to adopt a more inclusive strategy – which focuses on the concept of experience – is already seeing results.
“Recent trends in retail foot traffic confirm that while we aren’t exactly in a boom we’re holding our own under some of the toughest conditions in a generation,” says Church.
The Association’s events strategy has also played a major role by creating a series of high profile events and promotions which generate spending outcomes for members.
Interestingly, a recent Association membership survey indicated that 36 per cent of the businesses in Newmarket had chosen the precinct for their head office or flagship stores, indicating the high regard which is held for the business district.
With a new look brand, new premises, and a new Board, the Newmarket Business Association is confident that it will continue to build on the foundations which have been established.