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SOUTH EAST AND OUTER LONDON


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THE SOUTH EAST WILL BE HIT HARD BY THE DEBENHAMS CVA, WITH MORE THAN 10 STORES CLOSING IN THE REGION.


The South East will be hit hard by the Debenhams CVA, with more than 10 stores closing in the region. Uncertainty surrounding the re-letting of these stores, and likely repurposing of these assets away from retail, alongside ample available space already, has allowed retailers to push for lower rents, longer rent free periods, higher capital contributions, more flexible lease terms and an increasing presence of turnover rents – even on High Street units.


This goes against what has historically been said about the South East and Outer London as affluent and resilient to wider trends. Large and medium sized centres are close to each other, which has caused problems with cannibalisation, and is prompting more retailers to re-adjust and streamline their portfolios. However, these centres still draw footfall, as they are able to offer what small to medium sized centres largely cannot, which is free car-parking. These centres are still leading the way for drawing shoppers in for their broad retail and leisure offer – intu Lakeside is a perfect example of this.


It is worth noting the longer-term impact that developments have had in Bracknell and Oxford. Both of these centres impacted rents in the towns, but in very different ways. Rents in Oxford have fallen by more than 10%, whereas Bracknell has repositioned itself as a completely different retail pitch to what it was before, and is a fundamentally different town centre, with a much higher rental tone. On the other hand, Westgate added to an already existing oversupply of retail space in Oxford.


OUTLOOK It isn’t all bad news though – there are still many retailers active in the market. The likes of Skechers, Rituals, Uniqlo, H&M, Lidl, Aldi, and Oliver Bonas are acquiring sites. They simply have more power now than they had in the past and are able to dictate much more favourable and flexible terms.


However, these former Debenhams, Arcadia and Marks & Spencer closures suggest there will be more unoccupied retail space to come, which will need a proactive and open minded approach by landlords.


EXECUTIVE SUMMARY


THE MARKET


RETAIL REIMAGINED


MONEY


IS THIS THE END OF THE GOLDEN AGE OF ONLINE RETAILING?


KNOWLEDGE


SHOPPING WITH A CONSCIENCE


FOOD


REGIONAL UPDATES


CONTACTS


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