Richmond Traders

"Richmond Traders is a new urban market, and here we’re championing all that’s loved and local. In developing the precinct, we worked with propella.ai to understand the needs of our community - what they like and what’s not currently available for them. The customer and location intelligence insights delivered by the team at propella.ai were a critical element of our retail mix and leasing strategy.”

Christian Grahame, Head of Home.

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Who: Richmond Traders is a new fresh food market and dining spot. Located in the heart of Richmond, this 7,000-square-metre urban market brings together the best produce from providores across Victoria. The traders include Cobb Lane Bakery, Au79 Café, Earl Canteen, DeMaria’s Fresh Food & Deli, Cannings Free Range Butchers, Vintage Cellars, and a new generation Coles supermarket.

Owned and developed by Home, the Richmond Traders precinct also features premium Build-to-Rent apartments called Home Richmond.

Why: Home is a leading BtR platform that is reimagining rental properties in Australia, with a community-centric approach and offering service and amenities of a luxury hotel. Many of Home’s properties are designed to feature a dynamic mixed-use offering tailored for its neighbourhood and to provide an ultra-convenient and integrated lifestyle for Home residents.
Home approached propella.ai to seek advice on future retail uses that should be considered at Richmond Traders to deliver outstanding amenity and services for future BtR residents, fulfil the needs of the local community, and help support the establishment of a successful retail precinct.

How: Through analysis of existing fresh food markets across Melbourne, propella.ai defined a target trade area for Richmond Traders and then profiled residents living within this trade area to understand their attitudes, behaviours, and characteristics. Data collection and analysis were carried out over a number of areas, including:

• Customer Profiling: Psychographic and demographic profiling of residents within the target trade area, including preferences for Food & Beverage, Health & Wellness and Retail Services
• Food & Beverage Analysis: Analysis of the supply, cuisine type, quality and popularity of existing F&B business within the catchment area
• Retail Analysis: Analysis of the catchment area to predict sustainable retail uses for Richmond Traders
• People Movement: Analysis of the Bridge Road retail precinct to understand where and when visitors utilise this precinct by day of week and hour of day

The outcomes: propella.ai's highly detailed analysis and subsequent report provided the information Home required to:

• Gain a data-backed understanding of what already makes Richmond a popular destination for workers, residents, and visitors
• Take learnings from other fresh food markets in Melbourne, through analysis of their customers and trade areas
• Develop a target trade area for Richmond Traders to focus on the wants and needs of these people when planning the development
• Build an informed placemaking and retail strategy to plan the right retail mix to resonate with BtR residents, the local community, and destinational visitors
• Help inform the retail leasing strategy for Richmond Traders through data insights