Background_E_Market_Assessment - Shoalhaven City Council ...

Nowra CBD Master Plan – Market Assessment8.5 Supply versus DemandNowra CBD provides some 48,682sqm of retail shopfront floorspace. Given modelling within this report indicatesdemand for around 75,000sqm of retail floorspace in 2011 there is currently considerable undersupply of over26,000sqm. The condition of undersupply is reflected in the lower than average vacancies recorded in the CBD and thehigh performance of Stockland Nowra (turnover per square metre).Table 20 - Comparison of Demand versus Supply (sqm)Store Type Supply in 2010 Demand in 2011 UndersupplyDepartment Stores 8,340 16,238 -7,898Supermarkets & Grocery Stores 14,142 14,363 -221Specialty Food Stores 2,544 6,327 -3,783Restaurants and Fast Foods 3,131 4,711 -1,580Clothing Stores 5,103 6,601 -1,498Bulky Goods Stores 2,896 5,640 -2,744Other Personal & Household Goods Retailing 10,022 17,757 -7,735Selected Personal Services 2,248 3,519 -1,271Total Reta iling 48,426 75,154 -26,728*Note the 1,200sqm office works otherwise categorised as a mini-major in Section 7.1 of this report, has been included as bulky goods in the aboveanalysis.Examining supply versus demand in more detail:• There is a considerable undersupply of department store, specialty food, and specialty non-food (other personaland household goods retailing) retailing.• Supermarket and grocery store supply and demand is roughly in equilibrium . The CBD provides around14,000sqm of supermarket and grocery store floorspace (3,700sqm Coles, 3,100sqm Woolworths, 4,200sqmWoolworths and 1,500sqm ALDI). By 2021 there will be demand for another 3,500sqm supermarket.• There is an existing undersupply of department (including discount department floorspace) in Nowra. This is notunexpected given there is only provision of a small Target County and a larger Kmart (as part of Stockland).There is sufficient demand in 2011 to warrant an additional discount department store of a similar size to theexisting Kmart of say around 5,000-7,000sqm. By 2031 there will demand for another similar store around thesame size.Notwithstanding the above, as outlined previously within this report, expansions are planned for Stockland Nowra. Theproposal submitted by Stockland includes a new 4,100sqm supermarket, a new 6,000sqm discount department storeand new associated specialty stores equivalent to a further 5,800sqm. The expansions would provide an additional16,000sqm of retail floorspace. Should this be developed, demand for supermarket and additional department storefloorspace would be satisfied to 2021.C09143 Page 45 Hill PDA