THE MARKET
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THROUGHOUT THE PAST 50 YEARS, RETAIL DEVELOPMENT PLAYED A PIVOTAL ROLE IN THE REGENERATION OF CITIES ACROSS THE UK.
LOOKING BEYOND THE STATS An inference that shouldn’t be drawn from these stats is that there isn’t activity in the leasing market.
Uniqlo, Skechers, SpaceNK, The Works, Primark, Oliver Bonas, Deichmann, Mountain Warehouse, JD, Rituals, Anthropologie and Aldi are just some of the brands that are currently growing and doing new deals across the UK. These are retailers that have a compelling offer and are well aligned to their customer base. They are all making physical retailing work and they demonstrate it is wrong to say that there is no future in running a store portfolio.
In last year’s report, we advocated the adoption of new, more agile forms of leasing which would help the market to find a way to agree deals in this new retail world.
We highlighted the need for lease flexibility, more turnover related leases and lower fit-out costs to better align landlord and tenant interests, and to find a way to break down some of the barriers to occupiers taking new space.
It’s positive to report how many leasing deals now adopt elements of this approach or a similar variant and the way it has been received can be measured by the brands who are building a physical presence across the UK.
As I mentioned at the outset, the report is very much influenced by what’s happening in society as a whole and one of the most unwelcome side-effects of the struggling retail market is the impact on regeneration.
EXECUTIVE SUMMARY
THE MARKET
RETAIL REIMAGINED
MONEY
IS THIS THE END OF THE GOLDEN AGE OF ONLINE RETAILING?
KNOWLEDGE
SHOPPING WITH A CONSCIENCE
FOOD
THE REGENERATION CHALLENGE Throughout the past 50 years, retail development played a pivotal role in the regeneration of cities across the UK.
Major urban retail-led development had a profound impact on the economic vitality on cities such as Liverpool, Manchester, Bristol, Cardiff and Leeds.
However, owing to the structural change we’re seeing in the retail sector, it is clear that this ‘kick-starter’ for regeneration is now no longer available as the rewards for the substantial development risk no longer merit developers and owners getting involved.
The question this begs is what is going to replace shopping as an engine for urban economic prosperity?
We need to take a fresh look at our urban economies and how they can work. That is something that local or central government must consider long and hard when thinking about the inherent value of nurturing appropriate retailing environments.
At present, it is very clear we don’t have a Government that understands, values or has the desire to support a vast industry that employs 3m people – 10% of the working population – and generates 5% of GDP with almost £400bn of sales each year.
Retail employs 100 times as many people as the steel industry and 16 times car manufacturing and deserves a much higher priority than Government currently provides.
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