Night time economy part of WA’s future
With all the inner city development occurring, a colleague of PropertyESP recently attended the Australian Night Time Economy (NTE) conference in Melbourne.
This conference dealt with the fact that the night time economy, which for so long has been associated with bars, restaurants and adult entertainment in fact was evolving and in the UK this economy represented $66 billion in trade alone (or 6% of GDP).
Closer to home, Brisbane’s NTE grew by 25.2% from 2009-2014 from $4.97 billion to $6.231 billion.
With changing work habits, multicultural diversity and in fact a 24 hour global clock, we are less and less inclined to think that night time is just for hedonistic activities.
But this means that if we want to transform some of our City into true night time economies we need to think across planning, place making and regulation.
This means that we need to consider pop up markets in car parks. And temporary installations. And be more liberal with parklets.
This also means that we need to entwine our fashion, food and entertainment outlets and more so be open for custom.
That means that sometimes we have to take a risk and in fact subsidise these concepts to allow for creativity and sense of destination.
With so many areas undergoing rejuvenation in Perth at present – this is the perfect breeding ground for innovative night time solutions.
The question is – are we going to seize this opportunity?
The team at PropertyESP dare you too! The time is certainly ripe for disruption!