transport. The first parking meters in the city were introduced in 1961, new petrol stations were constructed and the city's first supermarket, operated by Coles, opened in 1965. Industrial growth continued with a second cement works operating at Waurn Ponds by 1964 and the Alcoa Point Henry aluminium smelter constructed in 1962.
Federal Government policy changes on tariff protection led to the closure of many Geelong industrial businesses from the 1970s. The woollen mills closed in 1974 and hectares of warehouse space in the city centre were left empty after wool handling practices changed. The Target head office opened in North Geelong, Deakin University was established at Waurn Ponds in 1974 and the Geelong Performing Arts Centre opened in 1981. Later, the Australian Animal Health Laboratory was opened in 1985, and the National Wool Museum in 1988.
Market Square, the first enclosed shopping centre in the city was opened in 1985, with neighbouring Westfield Geelong (formerly Bay City Plaza) opened in 1988. The Pyramid Building Society, founded in Geelong in 1959, collapsed in 1990 leaving debts of A$1.3 billion to over 200,000 depositors, and causing the Geelong economy to stagnate. On 18 May 1993 the City of Greater Geelong was formed by the amalgamation of a number of smaller municipalities with the former City of Geelong. The Waterfront Geelong redevelopment started in 1994 designed to enhance use and appreciation of Corio Bay and in 1995 the Barwon River overflowed in the worst flood since 1952.
21st century
In 2004, Avalon Airport was upgraded to accommodate interstate passenger travel, providing a base for the low-cost airline Jetstar to service the Melbourne and Geelong urban areas. Geelong is planned to expand towards the south coast, with 2,500 hectares of land to become a major suburban development for between 55,000 to 65,000 people, known as Armstrong Creek. In 2006, construction began on the Geelong Ring Road, designed to
