Nottingham

Key Facts

Total floorspace: 1.9 million sq ft (174,780 sq m)

Missing retailers in central Nottingham: Austin Reed, Laura Ashley, Mango, Quiz, Shoe Express, United Colours of Benetton, Harvey Nichols, Mamas & Papas, Urban Outfitters

Top five under-sized retailers in central Nottingham: Marks & Spencer (-40,227 sq ft), Debenhams (-30,294 sq ft), House of Fraser (-23,009 sq ft), Superdrug (-7,591 sq ft), Zara (-6,605 sq ft)

Top centres that share the central Nottingham total catchment: Derby (11 per cent), Mansfield (6 per cent), Loughborough (4 per cent), Long Eaton (3 per cent), Riverside Retail Park (3 per cent)

Area of highest retail growth over the past five years: Broadmarsh (20 per cent)

Average rental growth over the past five years: 6.1 per cent

New developments: Westfield plans to redevelop the Broadmarsh centre, with an additional 818,850 sq ft (76,070 sq m) of retail space proposed. Further new schemes are the 115,000 sq ft (10,680 sq m) Trinity Square development and the 100,000 sq ft (9,290 sq m) The Pod scheme.

Footfall index: January 2006, 100; July 2007, 93

Source: Experian/rental data from Churston Heard

Westfield has been granted planning permission to expand Nottingham’s Broadmarsh shopping centre. The developer is investing£400 million in the scheme to create an additional 1.3 million sq ft (120,770 sq m), but details are sketchy.

The developer says it hopes to sign two department stores to anchor Broadmarsh, but neither House of Fraser nor John Lewis, which are anchor tenants in the city’s Victoria Centre, are likely to move. Aside from department stores, the redevelopment will create more than 100 retail units spread over three floors and a supermarket, fresh food hall, cafés and rooftop restaurant. Historically, Broadmarsh has attracted value retailers, but Westfield is hoping to bring in some middle-market operators ahead of the relaunch.

A lack of detailed information from Westfield, believed to be because the company is focusing attention on its Eagle Centre development in nearby Derby, has led several retailers that wanted to expand in the city to take units just outside Broadmarsh.

Earlier this year, for example, New Look shut up shop in Broadmarsh and reopened a 29,000 sq ft (2,695 sq m) megastore on the centre’s doorstep in the former WHSmith unit in Listergate. This strategy ensures retailers will get the benefit of future uplifts in footfall, but has also enabled them to expand well ahead of the new centre opening, which is not expected before 2011.

While Nottingham city centre can easily support a two-store strategy for most retailers, the lack of details about the scheme is causing concern. Jones Lang LaSalle head of retail Nick de-Pons says: “People are sitting and waiting for something to happen with Broadmarsh and some retailers might be thinking about waiting three years to see what actually happens in Nottingham before taking a site.”

More retailers could well follow the lead of New Look, which threatens to undermine the Broadmarsh development if it ends up unable to secure enough good-quality tenants.

The consensus is that a revamped Broadmarsh will lift the city overall, rather than hammering rival Victoria Centre, which has already had a revamp to protect itself from competition. However, if John Lewis or House of Fraser did opt to move to Broadmarsh, this would be a major blow to Victoria Centre. De-Pons says: “If Broadmarsh gets two other anchor department stores, it will make Nottingham a hugely attractive shopping destination.”

Demographics

Population 3.4 million

Total retail spend£13.34 billion

Weighted shopper population 564,363

Index of population with internet access 95

Cars per household 1.02

Annual gross Household income£28,223

Most over-represented occupation Process plant and machine operatives

Most over-represented age band 15-24

Source: Experian