Retail Industry
Employment
Ballarat’s retail industry plays a very important role in the local economy, through the direct employment of over 5,700 people and through the generation of new job opportunities, this account for 17.5% of the total Ballarat workforce.
In terms of industry sectors, 41% are employed in personal and household goods retailing, 38% in food retailing, 18% in motor vehicle retailing and the remaining 3% in other retailing.
The retail industry has experienced a long period of sustained growth at approximately 3.4% per annum. This growth is forecast to continue for at least the next 10 years, positioning the industry as a major employer and wealth generator for Ballarat in the future.
Retail Spend
Ballarat is a regional retail hub, with a catchment of over 192,000 people and a trading area which includes neighbouring municipalities and extends into Western Victoria. There is a considerable variety of retailers in the City, ranging from national retailers, commercial and light industrial retailers, to niche retailers.
The total value of Ballarat’s retail spend is approximately $810.4 million per year. It is estimated that Ballarat residents account for 70% of the total retail spend ($572.4 million), the wider Ballarat trading area accounts for 15% ($119 million), and visitors account for the remaining 15% ($119 million).
It is further estimated that the average annual per capita retail for a Ballarat resident is $7,757 per person. This consists of a per capita spend of $4,051 in food retailing, $1,493 in bulky goods retailing, $1,697 in non-food retailing and $516 in retail services.
With regard to the location of the retail spend, the highest shopping precinct is the Ballarat CBA (which includes the Bridge Mall, Sturt Street and Central Square), which accounts for 51% of the total retail spend.
Retail Floor Space
It is estimated that there is 208,000 m2 of occupied retail floor space in Ballarat, distributed across a range of different shopping precincts. In particular:
- Ballarat CBA, consisting of approximately 115,800 m2 across 500 individual retail locations.
- Stockland Wendouree, consisting of approximately 22,100 m2 across 55 individual retail tenants.
- Wendouree Bulky Goods precinct, consisting of approximately 23,300 m2.
- Neighbourhood shopping precincts, collectively consisting of 32,400 m2.
- Rural Townships, collectively consisting of 2,500 m2.
- Local shops and shopping strips, collectively consisting of 11,800 m2.
Over the next 10 years, it is anticipated that Ballarat will require an additional 69,300 m2 of retail floor space to accommodate increases in demand. In particular, it is estimated that a further 8,200 m2 will be required for food retailing, 47,300 m2 for bulky goods retailing, 9,300 m2 for non-food retailing, and 4,500 m2 for retail services.