The City of Parramatta’s retail trade sector is worth $1.3 billion. It employed 10,560 workers in 2017–18. With more 200,000 square metres in retail floor space and the equally largest Westfield in New South Wales, Parramatta is already a major retail destination. More than half of Parramatta’s retail trade sector opportunities are outside food and beverage, and fashion retailing. Food and beverage retailing comprise 27% of the retail trade industry while fashion retailing captures the remaining 19%. Parramatta’s retail strips extend beyond Westfield and into the CBD and surrounding neighbourhoods. Destinations such as Eat Street on Church Street, Carlingford Court and Winston Hills generate significant retail activity for the City. Although employment in Parramatta’s retail sector has declined over the last 15 years, this is on par with trends across New South Wales. Factors such as online shopping have impacted consumer behaviour globally. Despite this, output over the same time period has increased steadily. Parramatta’s growing population, increasing visitor economy, expanding workforce and investment boom are driving the retail trade industry.
The visitor economy in Parramatta
Around 1.28 million people visit Parramatta each year. This provides significant retail opportunities in the City. Major music festivals, sporting fixtures, cultural venues and recreational activities already make Parramatta an attractive tourist destination. This includes the 11 major Council-sponsored events that are estimated to have brought in 265,000 visitors in 2016 which are: Parramatta Lanes, Naidoc, Winterlight, Loy Krathong, Parramasala, Sydney Festival, Tropfest, Christmas, New Year’s Eve, Australia Day
Lunar New Year.
Future growth of the retail sector in Parramatta
Parramatta’s retail trade sector is projected to remain a robust and growing industry due to three key drivers of growth being population and employment growth and city devleopment. By 2021, these growth drivers will create an extra $3 billion in retail turnover in the city centre. This equates to an extra spend of 1.2 million per day.
Population growth in Parramatta
In 2016, Parramatta had 240,000 residents. By 2036, this figure is expected to increase to 416,000. Western Sydney’s population was 1.9 million in 2016. By 2036, this figure is expected to increase to 3 million.
An extra 22,000 workers are expected to be employed in Parramatta by 2021. In the short term, this will create 2000 retail and wholesale employment opportunities, supported by construction workers who are also consumers. In the longer term, 72% of all employment growth (or 16,000 jobs) will be distributed among white-collar industries, which creates a demand for a diverse retail mix. By 2036, 113,000 extra jobs are expected to be created in the Parramatta region.
The City of Parramatta is undergoing unprecedented growth. Here are some of the major developments in the City that are expected to impact and stimulate the local economy:Museum of Applied Arts and Sciences (MAAS) is expected to bring in more than 1 million visitors per annum by 2022
The University of Sydney and University of New South Wales campuses will attract a young and vibrant student population
Bankwest Stadium successfully opened in April 2019 with sell-out events attracting 30,000 visitors to the City
Riverside Theatre redevelopment to expand and upgrade the existing theatre offering in Parramatta
Light rail, Metro West and WestConnex infrastructure developments improving accessibility into and within Parramatta
More than 21 mixed-use developments are in the development pipeline, which would add an extra 170,000 square metres of commercial space to the CBD, of which, 5-10% could have retail use
Download the Retail Trade flyer.