In Summary
- The Maude Street Mall revitalisation, completed in June 2023, has boosted Shepparton’s economy, increasing local and visitor spending and attracting more day visitors.
- The space has hosted numerous successful events, such as the Fryers Street Food Festival and City Markets, contributing significantly to the local economy.
- Vacancy rates in the Maude Street precinct have decreased from 14% to 9% over the past year, with new investments, business expansions, and shopfront improvements supporting growth.
- The project was financially supported by the Australian and State Governments, with further details available on the Council’s website.
Spendmapp data collected for Shepparton pre and post completion of the mall redevelopment, shows an increase in spending from both local shoppers and visitors to the area. Supported by visitor economy data which indicates an increase in day visitation to Shepparton for shopping and entertainment, the revitalisation in the heart of Shepparton’s CBD has been recognised as a contributing factor to this increase.
Fully completed in June 2023, the revitalised Maude Street Mall has opened the area up to slow moving one-way traffic, with the new space offering a functional, safe, user friendly and culturally welcoming space for activations and events.
Since its completion, the space has hosted many successful events, including the Fryers Street Food Festival in November 2023 which attracted over 12,000 patrons resulting in an estimated $714,350 in economic stimulus to traders, food vendors, local suppliers, tradespeople, service groups and musicians.
The site has also played host to several successful school holiday activation programs throughout the year, along with providing a user friendly and attractive space for stalls at both the popular Summer and Winter City Markets.
“The results over the past year speak for themselves and it is fantastic to see such a positive outcome from the developed Maude Street precinct. The revitalisation has resulted in a significant economic boost to traders, neighbouring businesses, services and tradespeople from the wider community,” Mayor, Councillor Shane Sali said.
“The revitalised strip offers a public open space with new and modern infrastructure where people can come together, gather, shop, eat and enjoy a day out with family and friends.”
Coinciding with the mall redevelopment project, Council provided additional support to businesses through the Shopfront Improvement Grants Program in 2021/2022. This program saw participation from several retailers within the Maude Street precinct and neighbouring main streets, generating significant expenditure of private capital through the improvement of shopfronts.
With the program improving the amenity of several existing businesses, Council is also pleased to have seen an improvement in vacancy rates throughout the Maude Street precinct over the past 12 months.
The precinct has experienced significant new investment relating to new business, expansions and relocations into the strip. The vacancy rates for retail shops in the Maude Street Mall was approximately 14 per cent at the time the funding for the revitalisation was initially sought, with this number decreasing favourably to now be at 9 per cent.
“This is a great improvement and one which we hope to see continue in a positive direction as more businesses continue to invest in the region and strive for success,” Cr Sali said.
Greater Shepparton Business Network President, Stephen Schneider, also echoed the encouraging sentiments, highlighting the positive outcomes from the project.
“The revitalisation of the mall precinct has provided clear direction to the Greater Shepparton Business Network, traders, staff and investors. The project has already created many opportunities and the continued evolution of the precinct is ongoing with an improved diversity of shops to cater for the mix of residents and visitors,” he said.
“The Winter City Market held at the end of August emphasised the multi-use capabilities of the redevelopment with the precinct a buzz with thousands of visitors over the two days, with traders providing extremely positive feedback about the events success.”
The Maude Street revitalisation project was financially supported via the Australian Government’s Building Better Regions Fund and the State Government’s Regional Jobs and Infrastructure Fund.
