Our back-of-the-envelope calculations for sales and visits at Woolworths’ two Neutral Bay stores are based on information sourced from Woolworths Annual Report (2018), Woolworths Media Hub, Roy Morgan, and Land and Environment Court of NSW (NSWLEC-180, 2005).
Woolworths’ 2018 annual report states that the average spend per customer per square metre is $16,435 per annum.
Roy Morgan research says the average spend per customer at Woolworths stores is $103 per week (in 2018).
Woolworths Media Hub says each customer visits Woolworths on average 1.2 times per week.
Woolworths’ store in Rangers Avenue is 3,390 square metres, and the Grosvenor Street store is 3,800 square metres, making a total of 7,190 square metres.
Assuming national averages, total annual sales for both Woolworths stores in Neutral Bay would be $118,167,650 (7,190 * 16,435).
The average spend per customer visit is $86 (103 / 1.2).
The number of visits to both Woolworths stores in Neutral Bay would be 1,374,042 per annum (118,167,650 / 86).
The number of visits each week would be nearly 26,500 (1,374,042 / 52).
The number of visits each day would be around 3,760 (1,374,042 / 365).
We acknowledge these are rough estimates and would welcome more accurate figures from Woolworths.
In the meantime we believe the numbers provide reasonable estimates for considering the impact of a Woolworths store in Mosman given the closure of both Neutral Bay stores.