Retail alive and well in Newmarket

Despite bleak forecasts for the national economy, confidence remains high in the Newmarket business precinct.

The Newmarket Business Association 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 percent for the March quarter compared to the same period last year. Taking the quarter to $187.5 million 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.

Retailers say 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 percent from a high of 25 percent a couple of years ago.

Newmarket Business Association CEO, Mark Knoff-Thomas (pictured) says, “We are delighted that what we have on offer is resonating so well with our consumers.

“We were also pleased to see the 35 percent 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.”

www.newmarket.co.nz