An important research report from the New Zealand Transport Agency:

Research Report 530 – Reallocation of road space

Published: Aug 2013
Abstract:
This research project investigated the economic impacts of transport and road space reallocation in shopping areas located in central cities and along major transport corridors in New Zealand. …
The data shows that sustainable transport users account for 40% of the total spend in the shopping areas and account for 37% of all shoppers who completed the survey. The data indicates the pedestrians and cyclists contribute a higher economic spend proportionately to the modal share and are important to the economic viability of local shopping areas.
The study also identified that retailers generally overestimate the importance of on-street parking outside shops. Shoppers value high-quality pedestrian and urban design features in shopping areas more than they value parking and those who drive are willing to walk to the shopping precinct from other locally available parking areas.