Retailers have been encouraged to tailor their opening hours to reach more customers as the sun sets, following new research commissioned by the City of Melbourne.
The study, produced by the Australian Retailers Association, revealed an opportunity for retailers to profit from changing consumer behaviours favouring twilight hours.
Research showed a strong demand amongst customers wanting to shop after businesses have closed their doors.
Melbourne Lord Mayor Sally Capp said that she would encourage city retailers to take full advantage of this change in consumer behaviour, and that it would make sense to shift opening hours to reflect when city visitors want to shop.
“Melbourne’s twilight economy is booming – with foot traffic increasing in the city by up to 35 per cent after 6pm, as Melburnians clock off and make the most of our world-class retail, food and entertainment,” said Capp.
“We’ll continue to support businesses with the latest data to embrace the city’s new rhythm, boost the local economy and improve the visitor experience.”
The highest discrepancy between foot traffic and trading hours was on Friday from 7 pm to 9 pm, Saturday evenings between 5 pm and 9 pm, and Monday to Wednesday evenings from 5 pm to 7 pm.
More than half of retailers surveyed supported a change to core trading hours – which would see retailers open for business from 10 am to 7 pm Sunday to Wednesday, and 10 am to 9 pm Thursday to Saturday.
The Twilight Trade initiative will spotlight local and major retailers trading after 5 p.m., bolstering the city’s after-hours appeal.
City traders can register their interest in becoming a twilight trader online via the Australian Retailers Association.
Online information sessions will be held to inform retailers about the benefits, and businesses will also be supported by a marketing campaign targeting city visitors and students.
Twilight Trade is supported by the Melbourne City Revitalisation Fund – a $200 million partnership between the Victorian Government and the City of Melbourne.
Australian Retailers Association CEO, Paul Zahra, said the research clearly defined a shift in consumer behaviour, meaning there is now more unmet demand for retailers after work than before work.
“We know that global shopping destinations seamlessly weave retail into the fabric of city life and use retail as a bridge between the daytime and night-time economy,” said Zahra.
“That’s why we are encouraging retailers to embrace twilight trading hours – to help drive sales, to create a more vibrant retail experience after 5 pm and cement Melbourne’s standing as Australia’s premier shopping destination.”
