Table 1 : Analysis of main factors
Challenges
Domestic visitor spends
International visitor spends
Newer & trendier suburbs
Land banking
Formalities
Public investment
Lack of attractions
Notes : As can be observed from above Table , the values for CR are less than 0.1 which indicate that all the comparison matrices are consistent . The local and global weights ( priorities ) of all the main factors are depicted in Table .
Local pride
Future vision Weights Consistency Test
Domestic visitor spends 1 1.87 2.38 1.95 2.19 1.77 1.67 1.95 2.07 0.19 λmax = 9.10 International visitor spends 0.53 1 1.84 1.74 1.95 1.49 1.57 1.49 1.49 0.15 Competing suburbs / precincts 0.42 0.54 1 1.10 1.15 0.89 0.89 0.84 0.89 0.09
Outdated private investment 0.51 0.58 0.91 1 1.51 0.82 0.70 0.77 0.91 0.09
Regulatory 0.46 0.51 0.87 0.66 1 0.60 0.51 0.62 0.70 0.07 Outdated public investment 0.57 0.67 1.12 1.22 1.67 1 1.29 1.43 1.06 0.11 Commercialisation of beach 0.60 0.64 1.12 1.43 1.95 0.77 1 1.35 1.43 0.11
Local pride / identity 0.51 0.67 1.19 1.29 1.60 0.70 0.74 1 1.29 0.10 Future vision 0.48 0.67 1.12 1.10 1.43 0.94 0.70 0.77 1 0.09
CI = 0.01 RI = 0.90 CR = 0.01 < 0.1
The comparison matrices captured the relative importance of factors and sub-factors by allowing pairwise comparisons . Priority vectors assigned weights to each factor , indicating their respective significance in the decision-making process . Consistency tests were conducted to ensure the reliability of the experts ’ judgments the validity of the results . The findings presented in Table 1 and Figure 2 highlight the relative importance of various main factors that influence businesses in the precinct .
The results indicate that domestic / local demand holds the highest significance , followed by international demand , commercialisation of the beach , outdated public investment , local pride / identity , future vision , competing suburbs , outdated private investment , and other regulatory issues . These rankings suggest that the characteristics of domestic demand have the most substantial impact on businesses ( weight = 0.194 ), closely followed by
Weights
0.25
0.20
0.15
0.10
0.05
0.00
Dom es c ti
0.194 visitor spend e Int
Figure 2 : Factors priority rn ti a a on
0.146 l visitor spend
ci er
Comm sat i al
0.114 0.113 ion of beach e t
Outda publ d ic investment
Lo
0.100 cal pride / identity demand from international visitors ( weight = 0.146 ). This underscores the central role of overall demand as the driving force behind businesses in the precinct . Further research is recommended to explore the implications of public investment on economic growth and resilience in the precinct and broader region based on the significance of these factors .
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0.092
Future vision ing Compet su u b
Out dat
0.087 0.087 rbs / precincts d e p rivate investment
0.068
Regulatory
100 % 90 % 80 % 70 % 60 % 50 % 40 % 30 % 20 % 10 % 0 %
Pareto scale
Montgomery , J . ( 2020 ). Making a city : Urbanity , vitality , and urban design . Journal of Urban Design , 25 ( 4 ), 409-415 .
Project for Public Spaces . ( 2020 ). Placemaking : What is it ? Retrieved from https :// www . pps . org / article / what-is-placemaking
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Sadler , S . ( 2013 ). Place-making and policies for competitive cities . Routledge .
ABOUT THE AUTHORS
SAFDAR KHAN Dr . Safdar is a seasoned economist with more than 15 years of comprehensive experience in the field . Presently serving as a senior economist , he has a diverse professional background that encompasses advisory experience and positions within the central monetary authority , universities , and various public sector organizations . Driven by a holistic approach , Safdar ’ s expertise lies in economic theory and its practical applications , behavioural economics , econometric analysis , economic modelling and forecasting , regional economic development , as well as public policy analysis .
ALEXANDRA ( ALI ) BEC Dr Alexandra Bec is currently a Senior Economic Research Analyst with more than 10 years ’ experience in economic research and analytics . She has experience working in academic , industry , and local government on strategic research projects . Ali ’ s areas of expertise include socio-economic and industry development , investment evaluation , and economic policy .
ALICIA LIU Alicia Liu is currently a Senior Economic Research Analyst at the City of Gold Coast . She is passionate about economic development and shaping cities , with a strong background in consulting . Alicia has previously served on the UDIA Queensland ’ s Seniors Living and Residential Care Committee , and for DEWR ’ s Gold Coast Local Jobs and Skills Taskforce .
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