As retailers nationwide speak of the toughest consumer climate in decades, local retailers welcome positive news from City of Ballarat's Retail Capability and Gap Review.
A report recommending the adoption of the review will be discussed at the Ordinary Council Meeting on Wednesday, 24 August.
The Retail Capability and Gap Review reports that Ballarat's retail sector is a regionally significant and growing industry. It confirmed that retail is the biggest sector in the City by share of employment.
City of Ballarat Director of Destinations and Connections Jeff Pulford said that maintaining and inspiring a vibrant, diverse retail sector is important to the city's economic health, attracting visitors and residents to spend their dollars in Ballarat.
"Ballarat has a passionate retail sector with a healthy balance of national and international companies, balanced by exciting offerings from unique local businesses.
"The Retail Capability and Gap Review is an important tool in the city's Economic Development toolbox. It paints an accurate picture of our current retail environment and identifies areas that can be improved, such as reversing the pattern of leakage to metropolitan Melbourne and other regional centres."
The Review identifies potential opportunities in the retail sector that will form the focus of investment attractions activities for Council, said Mr Pulford.
"As Ballarat grows in population, and strengthens its role as the Capital of Western Victoria, Council is committed to supporting the local retail sector and initiating investment attraction opportunities, ensuring local dollars are invested in local businesses, creating local jobs.
"The Retail Capability and Gap Review gives Council essential data to support the information needs of existing and new investors and provides recommendations to improve the quality of this information over time."
Council has also commenced the preparation of the Ballarat Activity Centres Strategy.
The purpose of the Strategy is to ensure that the City of Ballarat develops robust policy environment to support the long term planning and viability of retail, commercial, social activities and residential development within each activity centre of Ballarat.
Ballarat's Retail Sector
The City of Ballarat Economic Strategy 2010 - 2014 identified Retail as one of the seven key growth sectors that will be the focus of economic development activity moving forward.
The Economic Strategy determined that in 2006, more than 18% of Ballarat's population was employed in retail positions. The sector delivered 7.5% of Ballarat's economic output, totaling more than $785 million.
The share of employment in retail trade in Ballarat is higher than Victoria, resulting in Ballarat's high rate of self-sufficiency (106.3%). The sector imported $63.3 million of supplies in 2008.
Ballarat contains 301,770sqm of retail (shopfront) floor space including 137,280sqm within the Ballarat CBD.
By 2031, it is projected that this total may increase by around 50% to meet future demand. Ballarat's current supply of retail floor space includes the Ballarat CBD, Stockland Wendouree, Sebastopol North and Howitt Street shopping centres along with other local centres.
The Retail Gap Capability and Gap analysis provides an action plan as to how Ballarat's retail sectors should be planned and developed in light of the additional demand that will be generated in association with forecast population growth and the opportunities this will create for further investment to establish new business and employment in Ballarat.
The review seeks to ensure that Ballarat's retail sector undergoes a review which will help it meet the challenges of the changing retail environment. Specifically, the strategy provides an excellent guide for businesses adjoining the growth zones in the Alfredton, Redan and Sebastopol areas.
The Retail Capability and Gap Review Report is available for public view in the Council Meeting Agenda at /council/council-meetings--agendas/agendas,-minutes-and-reports/council-agenda--minutes-2011.