MIDLANDS
AFTER THE WATERSHED
The Midlands retail trajectory continues to reflect the market sentiment across the country, with trends towards increased vacancy, falling rents and the process of reimagining shopping destinations.
DAVID FOX Co-head of UK Retail Agency
Across the East and West of the region, the rental decline averaged at 5.6% and 7.4% respectively. However, this simple data is a small part of a much wider and pronounced period of change.
2018 was a watershed year in terms of the sheer volume of corporate restructuring and failure; a combination that has had a domino effect into 2019 and brought changes to the retail industry which is currently under even greater scrutiny than the immediate aftermath of the 2008 crash.
A comparison between two recent events perhaps exemplifies the situation and brings into focus the differing criteria that can lead to success or long-term decline.
It was with much fanfare that the world’s largest Primark opened in Birmingham in April 2019, concluding a comprehensive three-year redevelopment of the former Pavillions shopping centre. This is very much part of Birmingham City Centre’s transformational regeneration, as infrastructure schemes such as HS2 compliment major privately funded office and residential developments.
This contrasts with the proposed closure of the Debenhams in Wolverhampton’s Mander Centre, a store which opened in October 2017, following a refurbishment of the centre. Debenhams’ creditors voted through a controversial CVA in May that saw Wolverhampton grouped at the bottom of the store portfolio, a position of apparent no return. The store may yet have a reprieve as the council and landlord intervene to reposition through a potential downsize, however the comparative measures are glaring.
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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