Deloitte Access Economics has produced a report for Sydney Fish Market (SFM) detailing the economic contribution and social impact of the market. The report used information provided through consumer surveys, data supplied by SFM and feedback from business owners and the fishing industry. The results show the current and potential value of the market as an economic and tourism asset.
SFM is the largest seafood market in the Southern Hemisphere and one of the most diverse. It is estimated that around three million visitors a year come to SFM to buy produce, drink and dine or simply enjoy the surroundings.
SFM micro economy includes wholesale and retail fresh seafood, restaurants and bars, cooking and seafood courses and a working fleet of fishing vessels. The economic impact, derived from tourism, the unique shopping experience, choice and variety of seafood and its own intrinsic value as an attraction is calculated at around $303 million per year.
A planned redevelopment of the area should increase this economic impact as well as create 136 jobs and boost tourism revenue for the State. The plans feature a modern urban design; improved dining and bar amenities in a unique environment; a fresh produce market and a promenade.
The SFM upgrade is in line with the Bays Precinct Project which will see much of Sydney Harbour west of The Bridge transformed into a vibrant commercial, recreational and tourism locale.
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