YORKS/HUMBERSIDE/NORTH EAST
HARD YARDS
Last year was subject to a substantial number of administrations from high-profile retailers which has further affected the retail property market in the North.
TOM CULLEN Retail Agency – North
No sector of the retail market has been immune from these closures – not even food retail – previously seen to be a solid investment. These have left a series of vacant units throughout the North. Perhaps the most notable of all is that of UK department stores such as Debenhams, House of Fraser and BHS, who’ve left considerable gaps on High Streets and shopping centres that can be more difficult to lease.
There are glimmers of hope, however, with new entrants to the market in some Northern centres. Fashion brands from Europe and London – Ecco and ME+EM are looking for stores in town centres in the North – but their requirements are very specific and the terms must be right. Matalan is soon opening their first city centre units in the North on Headrow, Leeds.
Landlords have to mostly rely on finding new entrants to fill vacant property. Only the right brands choosing the right spaces are thriving at the moment – for example The Ivy have opened in the last 12 months in Victoria Gate shopping centre – and continues to attract high footfall.
There are other sectors where activity is making pace. For the last few years, Co-op has been almost unchallenged in the convenience retail space other than in the most sought after of pitches. However, further to the end of the proposed Sainsbury’s-Asda merger, Sainsbury’s have started to ramp up their convenience store acquisition programme once more.
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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