Friday 8 April 2011

WA In Recession

What! – Can’t be! The West Australian economy is surely booming with all that mining activity.
The WA Chamber of Commerce disagrees. Quoted on ABC News on 6th April they say that, if you strip out imports and exports, the WA state economy is technically in recession as a result of depressed consumer spending, rising utility costs and falling house prices. In other words WA is mirroring what is happening around the rest of Australia.
On a similar vein, rising utility costs are becoming a real issue with AMP Shopping Centres reporting in a customer survey this week that utility costs (power and water in particular) are now becoming a major reason for shoppers staying away from retail stores.
Isn’t there any good news? Well, the good news is that Queen Victoria Market traders are not alone. We are just part of the big club of retailers all around Australia who are suffering from a spending downturn. Is there a positive way forward? The following paragraph will be repeated regularly in our articles over coming months.

Positive Way Forward:

Shopping in stores is not dead. Online receives a lot of publicity, and a web presence has its place, but customers still love to shop in real stores with real people and real products. General Merchandise Traders at The Queen Victoria Market have a distinct advantage over larger retailers. Firstly, we offer person to person contact. If we back that up with good customer service, we will always beat the department stores. Secondly, in many areas our product range exceeds any other single retailer. We excel in categories like value jewellery, sports shoes, undergarments and souvenirs. Add the fact that we have many hidden gems amongst our stalls and there is a lot to be confident about as we tackle the new-consumerism.