Newmarket retail sales defy recession

14 November 2011

Newmarket retail sales defy recession

Newmarket Business Association Chief Executive, Ashley Church, is heralding the results of a new retail market activity report which show a significant jump in Newmarket sales figures and transaction activity over the past 12 months.

The independently commissioned report from research firm 'Marketview' shows that Newmarket has defied expectations and seen significant growth in both retail sales and numbers of transactions in the period between July 2010 and June 2011.

The report shows that retail sales in Newmarket, during this period, are up 5.4% or $27 million over the same period in 2009 to 2010. This is in contrast to a similar report, in 2010, which saw Newmarket sales figures dropping over the 2008 to 2009 year.

The report also shows a dramatic 7% increase in the total number of transactions which took place in Newmarket in the period between July 2010 to June 2011 compared to the equivalent 2009 to 2010 period.

Mr Church says that the figures are a significant turn-around on the results of recent years and are a welcome endorsement of the strategy that the Association embarked upon around 12 months ago.

"In October 2010, after 3 years of declining retail sales figures, we made the decision to retire the Newmarket 'brand' strategy in favour of an 'events based' strategy which focused on creating significant activities to bring people to Newmarket. That strategy has worked."

Since October 2010 Newmarket has hosted a series of high profile events and activities and has also seen a dramatic increase in the number of events organised by Newmarket businesses and third parties - with more planned over the next few months.

The Marketview results also coincide with a significant increase in the number of new businesses setting up in Newmarket and a commensurate drop in the number of empty shops.

"51 new businesses opened, in Newmarket, in September and October and that trend shows no sign of abating. Newmarket is definitely back on the rise."

ENDS

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