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SOUTH WEST AND WALES


REPLACING RETAIL


Retail repurposing has begun in many of the towns and cities throughout the region as landlord’s come to terms with the hard truth that for some assets there is no viable retail future.


HAL CLARKE


Associate Director, UK Retail Agency


However, with the gym market still buoyant and potential for further residential, student and hotel accommodation, this should be viewed more as an opportunity than a problem. Looking ahead to 2020, it is essential that landlords are open minded to alternative uses if they are to extract value from their assets.


Unlike in 2018, the dominant centres in the region have not been immune to the trends impacting the sector and Cardiff, Bath, Bristol, Exeter and Cheltenham have all recorded rental decline in the last 12 months. Due to the spate of CVAs and administrations, occupancy levels have been placed severely under pressure and the simple supply versus demand balance has resulted in rents falling across the region.


These pressures have been felt heavily in Wales and the decline of 12.9% represents the highest out of any region in the UK that we tracked in the last 12 months.


The retail warehousing market depicts a slightly more mixed picture. The top retail parks in the region are still popular with occupiers and have been able to maintain rental levels in many instances. However, at the other end of the spectrum, the gap is widening and parks that have struggled to maintain occupancy levels historically have poor prospects and may need to be repurposed sooner rather than later.


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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