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May 2017 Contents May 2017 contents Section 1 - Marketplace Strategy About this Plan Melbourne’s Marketplace is the Retail Plan that will guide the future direction of trading Executive Summary 4 at Queen Victoria Market. It outlines the retail formats and opportunities that will come together to protect the market’s traditional core trading offer and retain its essence while Business Model 14 providing a more diverse offer. Section 2 - Marketplace Retail Plan Retail Plan Overview 28 Marketplace Core Concepts 34 Quarter 1 Retail Plan 35 Quarter 2 Retail Plan 37 Quarter 3 Retail Plan 40 Quarter 4 Retail Plan 42 Queen Victoria Market Pty Ltd respectfully acknowledges the Traditional Owners of the Land. For the Woiwurrung (Wurundjeri), Boonwurrung, Taungurong, Dja Dja Wurrung and the Wathaurung groups who form the Kulin Nation, Melbourne has always been an important meeting place for events of social, educational, sporting and cultural significance. Today we are proud to say that Melbourne is a significant gathering place for all Aboriginal and Torres Strait Islander Peoples. Queen Victoria Market Pty Ltd respectfully acknowledges that there are sites of cultural heritage sensitivity in and around the Queen Victoria Market Precinct and recognises the tangible and intangible connection of Aboriginal people to place. These connections include the Aboriginal section of the Old Melbourne Cemetery, as well as the burial site of two Tasmanian Indigenous men, Tunnerminnerwaite and Maulboyheenner, the first people to be publically hanged by the Government in the District of Port Phillip, the colony to become known as Melbourne. 2 Melbourne’s Marketplace Retail Plan, May 2017 SECTION 1 - marketplace strategy 3 melbourne's marketplace Executive summary Queen Victoria Market is one of that will come together to protect the The most significant aspect of this the world’s most significant public market’s traditional core trading offer and Retail Plan is its sound financial base. Highlights: marketplaces. retain its essence while providing a more By optimising the marketplace’s retail Security and affordability for traditional diverse offer. Greater diversity will allow environment and adopting a flexible traders with rents and licence fees to At seven hectares it is Australia’s largest this Melbourne icon to cater to the needs approach to infrastructure, this Plan remain stable, and standard increases retail marketplace. Home to more than of more people, more often by developing demonstrates that Queen Victoria informed by CPI growth seven hundred independently owned a broader range of ways to participate in Market’s return on investment to the City businesses, the Queen Victoria Market the marketplace, bringing activity to the of Melbourne can be achieved without Lease, licences and commercial boasts the highest concentration of small area throughout the week and ensuring the increases in trader license fees above opportunities reserved for independent business anywhere in the country. traditions of market trading continue. standard CPI growth. This strategy itself businesses and sole traders is crucial to the long term viability of the Continuously trading since its official The world of retail is rapidly changing. marketplace, and will ensure it continues Seven day a week activation of 7plus opening in 1878, Queen Victoria Market The investment in Queen Victoria Market’s a long tradition of providing a pathway to hectare precinct is the longest surviving marketplace of infrastructure afforded by the renewal enter business for small business. its scale and diversity in Australia. Its program will provide the market’s many Annual visitation forecast of over community of market traders, affordability hundreds of small businesses access to The retail plan’s increased flexibility in 17million and diverse retail offer has serviced a loyal the facilities, systems and technology they trading options not only continues the customer base for generations. need to stay competitive and respond to market’s support for new business, it New pathways for Melbourne’s small their customers needs. For many market provides additional ways to recognise independent local business with Today, Queen Victoria Market’s evolving traders, their traditional customer base traders with significant investment in and increased capacity and trading options offer of authentic markets, hospitality, has transformed. New opportunities have commitment to Queen Victoria Market in events and activities ensures its ongoing opened up in the supply of city businesses, the form of extended tenure terms for leases Expanded offer for retail and business relevance as a launching pad for new and this Retail Plan identifies how this and licences and other security for the customers business and a centre for the community. change to the market’s retail customer base future. will provide the foundation for the market’s 21st century marketplace logistics and Melbourne’s Marketplace is the Retail long term viability, as a working market by infrastructure in 19th-20th century Plan that will guide the future direction providing market traders with the ability to heritage market buildings and sheds of trading at Queen Victoria Market. It operate at a scale and efficiency required to outlines the retail formats and opportunities meet diverse customer needs. Community programming to host of public spaces: new Market Square, Market Cross and Queen Street Plaza 4 Melbourne’s Marketplace Retail Plan, May 2017 melbourne's marketplace About this plan Melbourne’s Marketplace Retail Plan The Plan has been prepared to: • Provide an integrated vision for the identifies the future retail, uses and retail and program development of functions that will position Queen Victoria • Inform the revenue projections, funding Melbourne’s marketplace and enable Market to realise the vision of the market strategy and budget for the Queen its future evolution within required renewal program and secure a long term Victoria Market Precinct Renewal parameters. future for Melbourne’s most significant Program. • Enable a financial assessment of the marketplace. • Establish the retail direction for key outcomes that will be achieved through trading areas within the precinct. implementing the infrastructure The Retail Plan describes the multiple improvements associated with the ways in which the investment in market • Aid in the decision making process Queen Victoria Market Precinct Renewal infrastructure and public realm will enable relating to future management Program. the optimisation of the marketplace’s responsibilities for the marketplace trading areas, and quantifies, at a high level, by establishing the operating costs • Demonstrate the degree of investment the potential for increased revenue required associated with key functional areas in infrastructure and customer facilities to justify the financial investment in the alongside the potential revenue to required to maintain stability of precinct and support the funding strategy. be derived from leases and licensing current rental levels to meet trader and income, events and programming, car community expectations. It also provides the basis for the parking, and other sources enabled • Progress the next round of development of a more detailed benefits by the realisation of the Melbourne’s communication and planning with realisation plan to ensure the full range Marketplace vision. market trader businesses and other key of economic, social and environmental • Progress the thinking encapsulated stakeholders. benefits identified in the Business Case in the Strategic Brief and Master Plan and Strategic Directions are delivered to the next level of detail in line with through the realisation of the Melbourne’s the 2016 QVMPR Implementation Marketplace vision. Framework. 5 Melbourne’s Marketplace Retail Plan, May 2017 melbourne's marketplace Guiding principles Delivering on commitments A sound business model Optimising public investment A flexible future Our Retail Plan delivers on public Our Retail Plan is underpinned by a defined Our Retail Plan recognises that Queen Fundamentally in times of rapid change commitments described in a range of business model that seeks to maintain Victoria Market is a public asset, owned by we recognise the need to build in flexibility documents: State Government Agreement, Queen Victoria Market’s affordability and the City of Melbourne. Our marketplace for the future. Our marketplace has October 2014; Queen Victoria Market value to the retail customer, including represents over seven hectares of central evolved since 1878, assuming many roles Strategic Brief, February 2015; Queen a quality ‘free’ offer for visitors, a core city property, and as such it is critical for for Melbourne as the city has developed. Victoria Market Precinct Renewal Master source of its appeal as Melbourne’s a precinct of this scale and significance Long term sustainability and viability of a Plan, July 2015; and Queen Victoria No.1 international visitor destination. to respond to and cater for a broad cross- city marketplace will depend on ensuring Market Precinct Renewal Implementation It identifies how the market renewal’s section of people and businesses. Our plans core functions and values are retained as Framework, July 2016. investment in quality infrastructure will for the renewal and ongoing management of a foundation, with programming, retail enhance the marketplace’s affordability for Queen Victoria Market therefore recognise options and business formats understood
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