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The 2018 future face of UK retail revealed
Archived article dated Friday October 17th 2008
The UK has seen a record number of new retail developments in 2008 - in excess of 750,000 square metres of new retail floor space - but it could not have come at a more challenging time for retailers.
Many retail destinations are facing problems of over-capacity, according to the latest Retail Ranking report from Experian
“The quality and volume of new retail space has advanced a number of shopping destinations in the 2008 Experian retail rankings,” commented Jonathan de Mello, Director of Retail Consultancy at Experian. “But the combination of new schemes and dampening consumer demand has put intense pressure on retailers' margins and created over-capacity in a number of major shopping destinations.”
Experian's 2008 Retail Ranking report provides comprehensive analysis and commentary on the best performing retail centres in Britain and also unveils the future landscape of Britain's retail centres by providing a detailed forecast to 2018.
Key findings for the 2008 retail rankings are:
• The new Liverpool One development has catapulted the city into the premier league of retail destinations replacing Nottingham in fifth place.
• Westfield London is set to enter the rankings at number 11, to become the UK's second highest ranked regional mall behind Bluewater. Not only will nearby locations such as Hammersmith and Kensington suffer, but it will also impact London's West End.
• Westfield Derby has moved the town up from 44th to 26th in the rankings. Leicester's new Highcross development has more than mitigated any impact Leicester may have initially felt from Westfield Derby, moving Leicester up one place to 16th in the process. Nottingham has lost out the most as a result of Derby and Leicester's improvements, falling to 6th behind Liverpool.
• Eden in High Wycombe moves the town into the top 50 for the first time. House of Fraser and a range of high-end fashion multiples provides the upmarket mix the town's affluent shoppers have craved, moving the town up 28 places.
• In Hull the arrival of the St Stephens development has increased retail supply by 550,000 sq ft and helped place the city in the top 25 for the first time. Schemes in Exeter and Cambridge have also moved these destinations up the rankings. Exeter moves 14 places higher and Cambridge moves up four.
• Looking to 2018, Stratford in London will be catapulted into the top 20 thanks to the planned new Westfield scheme. With new developments in the West End and Stratford, Westfield will make its presence felt across the Greater London area, challenging the established Lakeside and Bluewater schemes to the east of London.
• Also looking to 2018, major schemes in Leeds and Nottingham will see Liverpool move back out of the top five. Meanwhile, Cardiff's St David's 2 scheme will move the Welsh capital into the top eight.
Jonathan de Mello continued: “Major new developments in 2008 have had a significant impact on the rankings. Liverpool One has lifted the city 10 places and Silverburn in Glasgow has transformed the Pollock Centre into one of the largest out-of-town centres in Scotland. Smaller regional schemes such as Eden in High Wycombe, Houndshill in Blackpool and Bouverie Place in Folkestone will all see significant uplifts in the rankings for these centres.
“On the downside, centres located next to large new developments will inevitably be impacted. Westfield London will impact on many of the London centres, with centres such as Hammersmith and Kensington all dropping down the rankings as a result. Similarly the impact of Liverpool One can be seen in the North West with St Helens dropping down the rankings, whilst Westfield Derby has impacted Mansfield.
“Looking to 2018, a number of new schemes will have a significant impact on the Retail Rankings. Stratford in London will rise 169 places, entering at number 20, as part of the regeneration of the area due to the Olympics. The South East will see a number of new schemes coming on line in the next 10 years, boosting places like Bracknell, Portsmouth and Stevenage.
“Losers include Derby, a major winner between 2007 and 2008, but as schemes in the surrounding areas are developed the centre will slip back to 41 in the rankings. The Martineau Galleries scheme in Birmingham and Summer Row in Wolverhampton will see West Midlands centres such as Walsall and Stoke-on-Trent fall in the rankings.”
Tagged as: experian | locations
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