NORTHERN IRELAND
REGENERATION BOOSTS MARKET
Belfast City Centre is standing up remarkably well against the challenges prevalent across the UK retail sector, however, market conditions in Northern Ireland are difficult outside of the largest schemes.
DECLAN LEONARD
Senior Surveyor, Retail Belfast
Dominant schemes such as Abbey Centre, Forestside, Foyleside and Rushmere continue to manage vacancy levels in an effective manner. Elsewhere, the landlords of most secondary centres are entwined in a frantic jostle to maintain occupancy levels with a number of schemes competing for a finite number of retailers. The out-of-town market continues to be supported by retailers such as Home Bargains, Lidl, B&M etc and remains an undervalued sector which is proving resilient.
For various positive reasons, Belfast City Centre is certainly a retail location to monitor. There are a number of major regeneration projects which are at different stages of development and will have an enormously beneficial impact on consumer spending. Today, matters are less straight forward. Belfast’s Victoria Square has orchestrated a number of relocations and new entrants include: Mac, Inglot, Van’s etc. Although Tommy Hilfiger has upsized, the overall vacancy levels for the centre have increased.
EXECUTIVE SUMMARY
THE MARKET
RETAIL REIMAGINED
MONEY
IS THIS THE END OF THE GOLDEN AGE OF ONLINE RETAILING?
KNOWLEDGE
SHOPPING WITH A CONSCIENCE
FOOD
Following the fire which destroyed Primark Castle Court, it witnessed a noticeable decline in footfall and only recently has this returned. Vila, DV8 and Matalan were new entrants for the scheme in 2018. Belfast is noticing growing interest from Republic of Ireland retailers. An example of this is the opening of Guineys department store in Castle Place.
The explosion in chain F&B operators across Great Britain never expanded as far as Northern Ireland, and, as a consequence, the region has remained largely untouched by the number of high-profile restaurants CVAs. We are, however, noticing a steady and considered acquisition strategy from the likes of Nando’s and TGI’s, who have both just announced new restaurants for The Junction, and Antrim. The demand from these national brands is being supported by good quality Irish based operators including Boojum, Bob & Bert’s, Chopped and Moe’s Grill.
REGIONAL UPDATES
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