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Hastings retail economy hits $60m

Retail growth in Hastings continues to outstrip the national rate, up more than eight per cent in the three months ended June 2016.

That compared with an average 4.0 per cent across New Zealand over the same period.

The Marketview report provides Hastings District Council with retail spending statistics every three months, worked out on a formula based on retail spend by cardholders. The information helps Council plan, particularly around its Vibrancy Plan for the city centre.

The most recent increase of 8.3 per cent is down on the previous two quarters, but that was not a surprise given the previous two quarters growth rates had been so large, at almost 23 per cent and 20 per cent, said Hastings mayor Lawrence Yule.

“It is to be expected, and you cannot complain about growth that is still five points ahead of the national average. It shows that while we are sustaining growth, spending is not out of control. This is really pleasing.”

The total spend in Hastings over the three months was just above $60 million, up from $59.5m the previous three months, and $55.5m on the same three months last year.

Spending by cardholders from all areas measured (local, Napier and Central Hawke’s Bay, rest of New Zealand, and international) continued to grow. The highest rate of growth came from Napier and Central Hawke’s Bay cardholders shopping in Hastings, with a 14.9 per cent increase to $6.8m.

Growth was spread across the shopping areas: The St Aubyn St South area led the pack with an 18 per cent increase in spending, followed by nearly 11 per cent in Havelock North and the city centre with 7.4 per cent.

The last five quarters

Three months to the end of:

 June 2016:                          8.3 per cent

March 2016:                       22.5 per cent

December 2015:               19.8 per cent

September 2015:             15.2 per cent

June 2015:                           12 per cent

 

 

 

 

 

 

4 October 2017

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