Melbourne’s retail and hospitality sectors are booming, creating jobs, economic growth and a buzzing international city.
That’s the take-out message from the Year Two Report for the 2013-17 Melbourne Retail & Hospitality Strategy, launched today by Minister for Employment, Jacinta Allan, and Lord Mayor of Melbourne, Robert Doyle.
Melbourne’s CBD is home to more than 19,000 businesses and caters for 854,000 people on a typical weekday.
Retail and hospitality contributes $5.5 billion to the city’s economy, and employs more than 63,000 people.
The report shows Melbourne’s culinary economy is setting the pace with an astounding 32.8 per cent increase on food expenditure this year alone.
Retail also continues to grow strongly and attract investment from major global retail brands including TAG Heuer, Coach and luxury fashion retailer Sandro and Maje.
More than 1,200 new retail and hospitality establishments have opened since 2013, while the total floor space in these sectors has risen to nearly 3 million square metres.
Recent data also reveals there are more than 1,400 hotel rooms under construction in the municipality of Melbourne, and a further 3,265 have planning approval.
The strategy is a joint initiative between the City of Melbourne and the Victorian Government and has been designed to stimulate retail and hospitality investment and employment.
Quotes attributable to the Minister for Employment Jacinta Allan
“This report shows our food, hospitality and retail sectors are booming, which is good for jobs, the economy and Melbourne.”
“New shops, restaurants and bars are popping up all the time, and with 24 hour public transport on weekends, we’re making sure locals and visitors to our great city can make the most of Melbourne.”
“The Andrews Labor Government is supporting these vital sectors, which contribute $5.5 billion to Melbourne’s economy and employ more than 63,000 people.”