YORKS/HUMBERSIDE/NORTH EAST
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THE NEXT STEP IN THE REGION HAS TO BE LOOKING AT RECLAIMING FORMER RETAIL UNITS FOR OTHER USES.
Back on the High Street there continues to be a significant amount of pressure to push rents down. The next step in the region has to be looking at reclaiming former retail units for other uses. Councils are already starting to step in some struggling town centres to take control of retail assets to ensure that they are filled with a wider mix of uses such as community occupiers. This will hopefully start to make an impact on the number of vacant stores in these struggling towns. We feel that this is something that needs to start to happen sooner rather than later.
DEVELOPMENT
There has been limited development activity in the North over the past 12 months.
The opening of The Springs retail park, East Leeds is a notable scheme, with occupiers such as JD, Mountain Warehouse, M&S, Boots, Fatface and Odeon Luxe Cinema.
The 600,000 sq ft Axiom shopping centre, West Yorkshire, has secured pre-lets such as Primark, Boots, Next and Marks & Spencer. It is due to open in 2021.
KEY TAKEAWAYS
Given the amount of proposed new housing developments across the North and relatively few possible convenience store brands – we are hoping for a significant number of new store openings over the next 12-18 months as a result.
Landlords can no longer count on the A3 restaurant market which continues to slow down dramatically in all but the most desirable pitches both in and out-of-town.
Councils taking responsibility for town centres and helping both land owners and occupiers make the properties financially viable. This could well mean re-classing some of the former outlying retail pitches as residential, or relocating council services to these pitches.
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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