Parramatta could become the next Rodeo Drive or Fifth Avenue within 10 years, according to new figures.
Western Sydney residents are expected to spend an additional $12 billion on retail by 2026, a joint Sydney Business Chamber and Parramatta Council report has revealed. A new report by Urbis, A Perfect Storm for Retail, found that spending by western Sydney residents is projected to reach $40.37 billion in 2026 – compared to $28.09 billion in 2016.
“For retailers, Parramatta offers the ‘perfect storm’ of market conditions to support new investment,” the report states.
“The scale of change within Parramatta CBD and the amount of additional spending available over the next 10 years means that there are boundless opportunities to further transform Parramatta CBD retail offer to create an unforgettable experience.”
The Parramatta CBD currently has an estimated 200,000 square metres of retail floorspace, including Westfield, one of the biggest shopping centres in NSW.
“In the next 10 years, retail will continue to boom,” Sydney Business Chamber western Sydney director David Borger said. “Western Sydney will need to accommodate the equivalent of 15 new Westfield shopping centres.”
Parramatta will develop three new retail hotspots including the new Civic Link street, Parramatta Square and the Riverside precinct. Retailers on a “hit list” to head west include Microsoft, Apple, Ralph Lauren, Sass & Bide and Zimmerman.
“In the longer term, Parramatta should also target luxury brand retailing,” the report states. “Examples such as Bondi Junction, Chatswood and Miranda show that international luxury fashion retailers have an appetite for multiple stores in metropolitan Sydney.”
Mr Borger believes the influx of students, residents and workers will drive massive new retail spending.
“Parramatta is western Sydney’s retail heart and is rapidly becoming a food bloggers paradise with Gelato Messina, Jamie’s Italian and The Burger Project all setting up shop in the city. We would love to see huge international fashion brands such as Armani Exchange, Ralph Lauren, Boss and H&M come to Parramatta to complement the existing mix of what’s already here. It is important we get the mix right and support both larger retailers as well as fine restaurants, bars and boutiques,” Mr Borger said.
Parramatta Council administrator Amanda Chadwick added: “More retailers and hospitality providers will attract more visitors and talented workers and will increase the vibrancy and liveability of our CBD. Parramatta is becoming a prime investment opportunity for retail thanks to strong population and jobs growth and we look forward to an increasing number of retailers calling Parramatta home.”