NORTH WEST
STRUCTURAL CHANGE
Last year saw a slowing of pace across the region’s retail market, with accelerated rental decline. The North West witnessed a -7.8% drop in rents over the last 12 months, which is a further decline on the previous year at 1.5%.
LLOYD ENTWISTLE
Director, Agency and Development
Christmas 2018 generated very mixed retailer results. There were still some very strong performers and success stories on the High Street. The reality is, however, that there are fewer new requirements and with the continued political uncertainty it’s easier for businesses not to make decisions. This is having a negative effect on values as retailers drive a harder bargain on both new acquisitions and renewals.
Prime locations in big centres are now being affected as supply increases. Rents in the region’s premier shopping centre, The Trafford Centre, remained flat against its reported growth in the previous year. There are signs of a drop from the previous prime tones in Manchester and Liverpool, and secondary centres across the region have witnessed double digit drops in rent in areas including Bolton, Blackpool and Oldham.
Retailers are still taking space, but new acquisitions are focused on the major centres. It is great to see new flagship openings such as Uniqlo taking the BHS store on Market St Manchester. The raft of failures and dump of space in the market has undoubtedly been reflected in achievable terms.
OUTLOOK While there are a variety of pressures on retailers which continue to squeeze profit margins, the continued structural change in the retail market place is the driving force creating a significant imbalance of supply and demand.
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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