THE MARKET
NEW THINKING NEEDED
This year’s Midsummer Retail Report has been heavily influenced by what is happening in society as a whole as well as the continued evolution of our retail property market.
DAN SIMMS Co-head of UK Retail Agency
This report’s theme is ‘A Change in Direction’ and we’re going to look at some of the robust and imaginative responses that need to be made in the face of what is an unprecedentedly challenging market.
And it is today’s market that we’re going to look at first before we turn our attention to the future.
To be clear, we’re not here to put any gloss on the current condition of the retail landscape.
Our latest findings on rents and vacancy make grim reading – especially when you consider that we focus primarily on prime rents and the vacancy among prime properties.
RENTS Since we last reported, prime retail rents for new deals have fallen, on average, by 7%.
Across the 400+ locations we monitor throughout the UK, the reductions range from just over 5% in Central London to nearly 13% in Wales, with every region showing notable falls.
Those figures don’t seem that profound until you consider that in a ‘normally’ functioning market we’d usually see movements of around 1 or 2% each year for most of the UK.
Average rents outside of Central London are now 30% lower than 2008 and taking into account inflation, in real terms rents have halved over the last decade. The most recent figures for the last 12 months show the largest reductions since the 2008-09 period, when UK-wide rents fell 11%.
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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