This report for any retailer operating in modern markets, and particularly dealing with international companies, was a key read. Many interesting points about how retail rents in South East Asian shopping hot spots continue to rise and the influx of flagship stores moving to Shanghai. For inspiration for your own store and to be more clued up we do suggest reading it. However, we are aiming to focus our summary of the report on the parts we see relevant to our sort of clients who are based in the UK and require our shop fitting services there.
According to this map, retail rents in the key shopping streets in major UK cities such as Manchester, Birmingham and Leeds have seen a drop in retail rents. This is true of all UK cities apart from London, where the rent on Bond Street on average has rocketed up 14% on last year’s figures.
In the report Colliers mention that online spend and high business rates have increasingly threatened the UK retail market. However, London remains relatively resilient as demand for a capital flagship store often exceeds supply of appropriate places. Many towns are approaching a 30% vacancy rate. The new shopping centre in Leeds, Trinity, puts the city 4th in strongest retail destination in the UK. Glasgow, Birmingham and of course London take the top three spots. Analysts predict, however with growing consumer confidence we are likely to see the spark of life outside of London for shopping!
If you are interested in where the top retail rents in the world are look at this table: