NORTH WEST
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THE WAVE OF DEPARTMENT STORE FAILURES IS SYMPTOMATIC OF A TYPE OF RETAILING COMING TO AN END.
There is just too much space in many towns around the country and we are seeing more of it come back to landlords. The major cities and schemes as we have seen over the last few years will continue to be the winners. Pockets in affluent and attractive market towns, like Wilmslow and Skipton will also have continued demand from the retailers who are trading well and making money, but even in the very best markets we are dealing with vacant retail space which will inevitably not be re-let as retail.
The wave of department store failures is symptomatic of a type of retailing coming to an end. Some of these buildings are upwards of 200,000 sq ft and the retail occupiers to take the space simply do not exist. We are working on sites across the region to find alternative uses and re-develop what is now redundant retail space into hotels, office, residential and retirement living. The North West needs to re-think Retail and find a solution to move forward and re-generate its failing town centres.
PRIME RENTS
2018 saw a further slowing of pace across the region’s retail market, with further 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%.
KEY TAKEAWAYS
We have been receiving more offers including an element of turnover and this is something that, now, even high street landlords must consider.
We are working on sites across the region to find alternative uses for redundant retail space left by department stores such as hotels, office, residential and retirement living.
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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