Celebrating 25 Years of Scoop
Newmarket Blasts Through March Quarter
Despite economic forecasts suggesting a bleak outlook for NZ’s economy, confidence remains high as Newmarket reports a record-breaking March quarter for consumer spend, with figures indicating a significant upswing in retail activity.
According to MarketView data, consumer spending has risen by 15.8% for the March quarter compared to the same period last year. Taking the quarter to $187.5M is the best in recorded history. This surge in spending has been attributed to increased foot traffic in the area, with more people visiting the town centre in the aftermath of all the COVID disruptions.
The record-breaking March quarter for consumer spend is a testament to the precinct’s longstanding reputation as a retail mecca.
These results have also sparked a positive impact on retail leasing, with activity currently the busiest it has been since pre-COVID. Demand for space in the boutique side streets has always remained strong, but now the main strip of Broadway is showing very strong signs. Broadway, which had experienced a decline from around late 2019, is seeing multiple sites being snapped up as demand for quality retail space is trending back up. The main strip’s vacancy rate has dropped to 16% from a high of 25% a couple of years ago.
Newmarket Business Association CEO, Mark Knoff-Thomas said “We are delighted that what we have on offer is resonating so well with our consumers. We were also pleased to see the 35% gains being made in the hospitality sector, which by all accounts has had some enormous challenges to face over the past three years. Interestingly, the labour shortages we were concerned about last year seem to have eased somewhat now.”
ENDS
About the Newmarket Business Association:
The Newmarket Business Association was incorporated in 1937. It is one of the largest business associations of its type in New Zealand. The association delivers strategies to promote the precinct and advocates on behalf of all the business sectors within the defined boundary.
www.newmarket.co.nz
For more information or interview requests, please contact:
Francesca Ritchie, Marketing Manager
021 285 2692
francesca@newmarket.co.nz
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