Bullring’s 10th birthday is a timely reminder of how far UK retail outside of the capital has come in the past decade.
In 2003, Birmingham’s Bullring was a centre that locals stayed away from and retailers eschewed in favour of the buzzier, lucrative shopping hub of London. But 10 years on, the shopping centre has leading domestic brands, international retailers and first-class leisure operators clamouring to take space. It goes to show that with some TLC, prime and super-regional shopping centres can survive the tough conditions.
Up and down the country it’s the same story as the likes of Liverpool One, Westfield Stratford City, Bluewater, Trinity Leeds and Cabot Circus enjoy near-capacity lettings and soaring footfall. But there’s also a sign of optimism lower down the shopping centre rankings as investors start to circle secondary malls again. We look at what new owners could mean for the secondary shopping market and what the revamped space could provide for retailers hungry for contemporary units.
2013 is the year that recovery has begun for town centres as well - property developers in tandem with local authorities are getting the green light for major retail regeneration projects. Our pick of the best town centre redevelopments reveals just how much the pipeline has improved.
In fact, the high street is expected to recover over a seven-year period, as vacancy rates are predicted to drop to 2006 levels by 2020, according to new research by property agent Colliers International. Retail Week and experts from the UK’s leading property developers go behind the headlines of the biggest retail property stories of the past six months. Discover how the value and discount retailers are entering the space race; which international names are trying their luck in this mature market; and which are the latest retailers to sublet to other traders in a bid to dispose of excess space.
Oak Furniture Land’s managing director Jason Bannister reveals all on the retailer’s aggressive property expansion in our interview. Not only has the hardwood furniture specialist made the transition from a pure-play etailer to operating an extensive and constantly expanding store network, it is now focusing on rapidly escalating its profits from both bricks and clicks.
If you’re keen to find out what locations could boost your business, check out Retail Week’s preview of this month’s Completely Retail Marketplace. There’s everything you need to know about the one-day leasing-focused event for landlords, agents, occupiers and, for the first time, leisure operators, which want to do business.
In September there’s also BCSC’s annual conference and exhibition to get you up to speed with all the latest opportunities in the retail property market. Delegates can expect a more diverse mix of exhibitors, including international retailers for the first time, an increased focus on food service and leisure operators, and more flexible ticket options. There’s also more about the revised format and new location.
With plans for new retail development finally back on the cards, there’s never been a better time to look for the right space to revamp and reposition.
- Laura Heywood, Supplements Editor
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