PROPERTY
Survey says that shoppers want independents
Supporting local businesses is one of the most important reasons to shop on high streets in the Midlands - according to a survey by retail PR experts Cartwright Communications. The survey, which gathered data
about the shopping habits of residents in Birmingham, Derby, Leicester, Lincoln and Nottingham, found 63% consider it highly important to support local businesses and independent retailers. At a time when empty shop
fronts are on the rise and online retailers continue to grow, it is often reported that city centres are struggling to attract the footfall needed to remain profitable. However, recent findings suggest
the desire to support independent retailers and small businesses is driving footfall and encouraging residents to shop in store. Nelson Blackley, Retail Research
Associate at Nottingham Trent University, said: “The survey confirms over 70% of respondents visit their local high street, which is good news for their continued survival and suggests physical stores and the high street still serve a purpose. “The responses show most consumers are keen to support
‘There is real demand for products, services and experiences that consumers just can’t get online.’
local businesses, which is great for local independent retailers. There is real demand for products, services and experiences that consumers just can’t get online.” Yet results also show a greater
demand for leisure facilities on the high street that precedes retail units. Bars and restaurants, coffee shops and cafes, hairdressers and beauty salons all ranked above retailers as the reason people visit their local high street, proving services and experiences are starting to overtake the traditional retail focus of city centres. Previously a firm favourite, fashion retailers now rank fourth in popularity. Liz Cartwright, Managing Director
at Cartwright Communications, said: “It’s interesting to see fashion retailers on the decline in terms of attracting people to local high streets and that the needs of shoppers are shifting. No longer are people visiting city centres to purchase products, but rather as a social pastime.”
The survey also asked what
people would like to see more of, with answers ranging from free parking and a stronger police presence, to more pedestrianisation and boutiques. Liz continued: “We had a wide range of responses, which shows
Liz Cartwright
there is work to be done in terms of master planning in city centres. One answer that did stand out was the demand for more banks and post offices. These amenities have traditionally brought people to the high street and it seems this is still the case.”
Region bucks property investment trend
The East Midlands property market bucked the national trend and attracted £1.35bn in investment throughout 2019 – according to the region’s annual in-depth commercial property review published by Innes England. The company’s Market Insite report – which monitors trends in the
regional property market focusing on Nottingham, Derby and Leicester – stated investment into UK commercial property fell by more than 20% compared to the previous year. But, despite political uncertainty, the East Midlands remained level, highlighting the region’s attraction. Matthew Hannah, Managing Director at Innes England, said: “2019 was turbulent and filled with political uncertainty but despite this, the East Midlands commercial property market is generally performing well. Most importantly, the region continues to house outstanding businesses across a variety of sectors. Alternative sector investment continued to play a significant role, while in all three cities, prime industrial rents hit new peaks, driven by limited availability and strong demand in the sector. There was also significant development in the industrial market, and Leicester experienced a 96% increase in the take-up of Grade A industrial space.” The report showed retail continued to face challenges. However, there
were positive signs for Nottingham, Leicester and Derby, which all welcomed new retailers. Retail activity in Nottingham was dominated by budget supermarkets, reflecting the trend nationwide. Jack Ward, Associate Director at Innes England, added: “The retail market across the country is facing challenges due to the online revolution
98 business network March 2020
and the East Midlands is no different. intu dominates the market in Derby, and it was great to see local companies acquiring new space within the shopping centre, highlighting the opportunities for local retailers.” Meanwhile, Leicester’s hotel market is thriving. Matthew added: “These are
really important, high-quality developments for Leicester as they highlight significant investment in the city as a business and tourist destination.”
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