Economic overview
As Brisbane’s business and retail centre, The City is integral to the economic development of Brisbane. Underpinned by the Queen Street Mall – Australia’s most successful pedestrian mall – economic and social value is provided to Brisbane through the CBD Retail sector’s marketing and events campaigns. These showcase the retail, entertainment and lifestyle offer of The City precincts with the objective of increasing retail sales and repeat visitation.
Retail expenditure
Collectively, The City is estimated to attract about $1.35 billion (AUD) in retail sales, with the Queen Street Mall core area (four city blocks) generating about 70 per cent of The City’s total retail sales ($933.47 million AUD).
Retail expenditure generated by The City’s trade area households was $18.21 billion (AUD), as at June 2008. Household growth within the trade area is estimated to increase total available retail spending to:
-
$19.79 billion (AUD) by June 2011;
-
$22.64 billion (AUD) by 2016; and
-
$25.33 billion (AUD) by 2021.
Source: Foresight – Brisbane CBD Retailing Business Development Strategy, March 2009
Market penetration
The City achieves its highest market penetration in the areas most proximate to The City (13.4 per cent in the core area), generating approximately 62 per cent of The City’s sales. Visitors (including residents outside the defined trade area, other parts of Queensland, interstate and overseas) generate a significant 38 per cent or $511.34 million (AUD).
Source: Foresight – Brisbane CBD Retailing Business Development Strategy, March 2009
Employment
The majority of those employed in The City are professionals (36.8 per cent), followed by managers (23.8 per cent) and clerical/administration workers (18.6 per cent). The number of employees is currently 308,669 and this number is expected to increase to 360,240 in 2016 and 399,320 in 2021.
Source: Urbis Brisbane Snapshot Report, December 2010
Resident population
The current resident population in The City is 8,941, with the population estimated to increase to 10,074 in 2016 and to 10,584 in 2021. The majority of residents are aged between 25–34 (25 per cent), followed by 20–24 (18 per cent) and 35–44 (16 per cent). The average household income is $1,420 (AUD) and dwellings are usually a lone person (20.3 per cent) or couple with no children (19 per cent).
Source: Urbis Brisbane Snapshot Report, December 2010