Retail renaissance hits the streets of AdelaideBY Australian Retailers Association
The latest data from Vend highlights a retail renaissance on the streets of Adelaide with independent retailers bucking the national retail downturn to ring in almost a quarter (24%) growth in average transaction value over a twelve month period.
Data shows average transaction values increased from $46.32 in 2018 to $57.70 in 2019, equating to more than double the national average (11.18%) during the same period.
Shop local trend alive and well
South Australians love to shop local and support independent retailers. Vend data reveals a healthy growth in the average basket size compared to the other major cities, with Adelaide retailers registering 2.29 average items purchased at the one time, compared to 2.12 average recorded for other major Australian cities.
Similarly, not only are Adelaidians buying more per visit, they're shopping locally more regularly throughout the year too. Adelaide once again leads the nation, with the exception of Canberra, in average transaction volumes. Vend data shows an average of 5,916 yearly transactions recorded in 2019, comfortably higher than Australia's ‘go-to retail destinations’ Sydney (4,056) and Melbourne (5,046).
Strong technology adoption and Government policies driving the retail renaissance
Adelaide is fast becoming a retail hotspot for the nation thanks to strong adoption by retailers of technology to reinvent and grow their business, alongside significant government support for SMBs and industry initiatives, like Renew Adelaide - all of which are creating a positive business climate to innovate and thrive.
This is reflected in the latest business confidence index with South Australian small businesses registering the highest levels of confidence over every major State in Australia, recording an all-time high at +56 (up +5 from last quarter) whilst other States recorded significant falls with the exception of Tasmania which remained stable.
Click here to see what the local retailers have to say.
Vend is cloud-based point of sale and retail management software that lets retailers run their business in-store, online and on-the-go. Vend’s software integrates with leading business applications around the world, including: Afterpay, Square, Shopify, Commonwealth Bank of Australia, BigCommerce and WooCommerce. For more information, please visit: www.vendhq.com/au.
ABOUT THE DATA
The data was taken from an anonymised analysis of 2,849 independent retailers using Vend in Australia, from April 2018 to March 2019. For a link to the full report, from which this data was taken, please visit: vendhq.com/retail-benchmarks
ABOUT THE AUTHOR
Australian Retailers Association
Founded in 1903, the Australian Retailers Association (ARA) is Australia’s largest retail association representing Australia’s $320 billion sector, which employs more than 1.3 million people. As the retail industry’s peak representative body, the ARA works to ensure retail success by informing, protecting, advocating, educating, and saving money for its 7,500 independent and national retail members throughout Australia. For more information, visit www.retail.org.au or call 1300 368 041.