Adelaide’s retail renaissance is in full swing as it bucks the downturn to record stronger transaction growth than other states.
The latest data by point of sale software company 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 per cent growth in average transaction value over a twelve month period).
Average transaction values increased from $46.32 in 2018 to $57.70 in 2019, equating to more than double the national average (11.18 per cent) during the same period.
Adelaide retailers on the up
Vend’s snapshot of the health of Adelaide independent retailers also reveals:
- Adelaide retailers have the second healthiest margins (59 per cent) of any city in Australia – a one per cent increase from 2018, while six of Australia’s eight major cities saw their margins narrow since last year: Sydney (six per cent decrease), Brisbane (six per cent decrease), Melbourne (three per cent decrease), Perth (one per cent decrease) and Hobart (one per cent decrease)
- Adelaide is one of only three of Australia’s eight major cities experiencing monthly revenue growth. It increased from $30,043 in 2018, to $30,696 in 2019 (2.17 per cent) alongside Melbourne (1.23 per cent). In contrast, the average monthly revenue for Sydney’s retailers fell by over 10 per cent in the same period.
Shop local trend alive and well
Vend data reveals Adelaide retailers registered 2.29 average items purchased at 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.
Strong technology and government policies help
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.