PLACEMAKING REGIONAL ECONOMIC DEVELOPMENT AND CHALLENGES
USING ANALYTIC HIERARCHY PROCESS
Author : Dr Safdar Khan ; Co-authors : Dr Alexandra ( Ali ) Bec , Alicia Liu – City of Gold Coast
ABSTRACT
Placemaking in economic development involves transforming physical spaces to enhance economic vitality , attract investment , and foster sustainable growth . This study aimed to identify the factors influencing businesses in Gold Coast precincts for placemaking purposes . The findings highlighted the importance of domestic and international visitors ’ demand as primary drivers for businesses . Commercialisation of the beaches and addressing outdated public investment were also important factors . Aligning strategies with market demands , optimising beachfront activities , and addressing public investment are crucial for business sustainability . The study employed the Analytical Hierarchy Process ( AHP ), aggregating expert responses using the geometric mean method . Data analysis facilitated calculations of priority vectors and consistency tests to ensure a comprehensive and reliable decision-making assessment .
INTRODUCTION Placemaking in economic development involves cooperatively shaping or renovating physical environments to enhance economic vitality , entice investment , and cultivate sustainable economic advancement ( Smith et al ., 2018 ; Jackson & Herrington , 2019 ). The concept relates to the process of formulating and implementing strategies for the purpose of enhancing economic productivity and the general well-being of individuals residing in or visiting public spaces , neighbourhoods , or districts .
Mixed-use developments are central to placemaking as they integrate diverse land uses , including residential , commercial , retail , and recreational areas . These developments create vibrant and diverse environments that attract businesses , residents , and tourists , fostering economic activity and a sense of community ( Florida & Mellander , 2019 ). Additionally , placemaking prioritises the creation of pedestrian-friendly environments with interconnected pathways , designated bicycle lanes , and accessible public transportation alternatives . Enhancing walkability and accessibility enables convenient access to businesses , services , and amenities , promoting local commerce and contributing to economic vitality ( Carr , Francis , Rivlin , & Stone , 1992 ).
Placemaking aims to activate public spaces by incorporating amenities such as parks , plazas , public art , and gathering areas . According to Project for Public Spaces ( 2020 ), these spaces serve as central hubs for community
VOL 16 NO 2 2023 22 www . edaustralia . com . au