1982
Act
GOLDEN MILE:
RETAIL IMPACTS ASSESSMENT
Presentation by Chris Money, EY
Information
30 November 2020
Official
the
under
Released
1982
Methodology
Act
Two workstreams were established to understand both the current state and future expected impacts of
proposed improvement options on Golden Mile retailers
Workstream 1: Market Assessment
Current state-of-market, including COVID-19 impacts. Analysis of
rents, lease demand growth, tenancy trends and vacancy rates Information
Benchmarking with Auckland retailer data over a 3-year period,
including rents, yields, net capital values and vacancy rates
Economic Impacts Analysis
Physical observations of retail street frontage breakdown (to
Positive and negative impacts of
hospitality, business and retail) and current amenities
each proposed improvement
Official
option on retailers. Specific effects
on landlords and tenants also
identified
Workstream 2: Case Study Research
the
Desktop research of domestic and international case studies from
similar corridor transformations
under
Released
1982
Key assumptions
Act
A range of inputs and assumptions guide our conclusions, indicating how our findings and recommendations
were reached
Inputs
Utilised most recent retail historical data sets
Information
First-hand manual data col ection, including observation of current amenities
Domestic and international case studies
Quantitative analysis of retail economic impact provided by MRCagney (yet to be incorporated)
Assumptions
Official
Access is available to customers of retail premises during entire construction period
the
Additional support provided during construction period if required (including possibility of a hardship fund)
No case study is completely comparable due to unique demographics and attributes of Wel ington’s Golden Mile
Source data assumptions apply where data is provided from an external party
under
Released
1982
Evaluation outcomes
Act
Evaluation Question: What is the likely impact/opportunity to retailers and businesses?
Lambton Quay
Score
Justification
Retain Loading Bays
Retain Loading Bays & Taxis
High street retail with established
Status
High pedestrian flow
Information
Quo
0
brands
Low street front vacancy
28 parking spaces
Increased foot traffic and pedestrian
Option
11 loading bays, most on the
1
1
activity
Golden Mile
Better public transit
Greater convenience for
Less risk and greater
Official
customers
Improved transport networks from two
convenience for retailers
Option
Marginal benefit to retailers
1
bus lanes
Loading bays for large
2
Not a deterrent to accessing
No general traffic may limit access
the
retailers already located on
retailers if taxi stands were
75% more footpath space
the Terrace and Featherston
relocated
Option
2
Bike and scooter al owances create long
Street
3
term benefits
Retaining makes a ‘+1’
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Released
1982
Evaluation outcomes
Act
Evaluation Question: What is the likely impact/opportunity to retailers and businesses?
Willis Street
Score
Justification
Retain Loading Bays
Retain Loading Bays & Taxis
High street retail with established
Status
High pedestrian flow
Information
Quo
0
brands
Low street front vacancy
No parking spaces or taxi stands
Increased foot traffic and pedestrian
Option
1
3 wel -utilised large loading
1
activity
Better public transit
bays
Official
Less risk and greater
Improved transport networks from two
Option
convenience for retailers
1
bus lanes
N/A – no taxi stands
2
Larger retailers have loading
No general traffic may limit access
the
bays on Boulcott Street
75% more footpath space
Option
Retaining could increase
2
3
Bike and scooter al owances create long
score
term benefits
under
Released
1982
Evaluation outcomes
Act
Evaluation Question: What is the likely impact/opportunity to retailers and businesses?
Manners Street
Score
Justification
Retain Loading Bays
Retain Loading Bays & Taxis
Medium-low pedestrian flow
Status
Mainly secondary retail
Information
Quo
0
High street front vacancy
No parking spaces or taxi stands
Lower area character/atmosphere
Increased footpath space
1 loading bay currently
Closure to Lower Cuba Street
All
Retaining provides little
0
Options
No general traffic
N/A – no taxi stands
benefit to retailers
Official
One bus lane and one bus stop in each
Unchanged score
direction
the
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Released
1982
Evaluation outcomes
Act
Evaluation Question: What is the likely impact/opportunity to retailers and businesses?
Courtenay Place
Score
Justification
Retain Loading Bays
Retain Loading Bays & Taxis
Mainly hospitality & entertainment
Low day pedestrian flow and lower area character
Status
Information
Quo
0
Prominent night life
Medium-high street front vacancy
52 parking spaces
Saint James Theatre refurbishment underway
Option
1
1
Minimal increase in pedestrian activity
4 taxi stands
Low day utilisation, much
Better public transit
7 loading bays
Official
Option
greater at night
1
Minimal impact from limiting general
Less risk and greater
2
Greater convenience for
access, low private vehicle usage
convenience for retailers
customers, not a deterrent
the
Increased footpath space and modal
Retaining creates ‘+1’
to the area if relocated
Option
2
3
al owances create long term benefits
Retaining makes ‘+1’
Subdued impact due to atmosphere
Tory St
1
Better accessibility makes a stronger ‘+1’
Consider promenade from Te Papa to War Memorial
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1982
Comments
Act
There are a number of key comments and observations from the market assessment, case studies and
economic impacts analysis
COVID-19 has
Retailers currently face a difficult operating environment that may compound positive or negative
impacted the retail
impacts. Vacancy rates are expected to increase from fewer tenants in the market and increased
market
business failure.
Information
Option 3 expected
Net impacts on retailers expected to be highest in Option 3. Negative impacts are offset by the
to deliver best net
greatest expected positive impact. Loading bay and taxi bay removal and dedicated modal share
benefit
spaces give rise to greatest expected uplift in pedestrian numbers and per shopper spend.
Landlords and
Landlords can expect greater lease demand, lower vacancy rates and increased rental
Official
tenants are both
appreciation. Tenants can expect increased rent and competition, and higher sales volumes from
expected to benefit
increased pedestrian footfal and modal share.
the
Likely that positives Perceived negatives (particularly from carpark removal) have been raised by lobby groups and
will outweigh
local retailers. While these might materialise, they are relatively smal compared the positive
negatives
benefit expected from the options.
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Released
1982
Act
Information
Official
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Released
