I’m today, 30 March, releasing the latest City Centre Management survey of vacant City Centre retail units (survey completed on 26 March).
Key facts:
- The latest Exeter vacancy rate stands at 7.56%.
- The Exeter vacancy rate remains significantly better than the national average – a figure that has reached 14.6% according to the latest Local Data Company figures.
- Of the 16 City Centre areas for which vacancies are listed, 8 areas are showing the same vacancy rates as contained in the January vacancy survey, 5 areas are showing an increase (Guildhall Shopping Centre, Princesshay, Castle Street, High Street and Sidwell Street) and 3 areas are showing fewer vacancies than in January 2012 (Cheeke street, Paris Street and Gandy Street).
- Of the 16 City Centre areas for which vacancies are listed, 6 areas are showing no vacancies at all.
A breakdown of the number of vacant City Centre retail units is set out below.
The latest vacancy figures remain very encouraging (although any increase in vacancy rates is, by definition, disappointing). It would be naïve to believe that Exeter could escape unscathed from the challenges to ‘bricks and mortar’ retailing and recessionary pressures being felt UK wide – recent casualties such as Peacocks and GAME result from national pressures rather than any local challenges. Exeter has consistently outperformed the UK average on retail vacancies and, more often than not, has had a vacancy rate that has been approximately half of the national average.
The latest vacancy figures remain very encouraging (although any increase in vacancy rates is, by definition, disappointing). It would be naïve to believe that Exeter could escape unscathed from the challenges to ‘bricks and mortar’ retailing and recessionary pressures being felt UK wide – recent casualties such as Peacocks and GAME result from national pressures rather than any local challenges. Exeter has consistently outperformed the UK average on retail vacancies and, more often than not, has had a vacancy rate that has been approximately half of the national average.
Latest national retail sales figures would suggest that the consumer squeeze remains and that the recovery in consumer spending is likely to be a ‘slow-burner’. This challenging environment means that Exeter’s performance in attracting major new retailer names is particularly encouraging.
I remain convinced that Exeter will continue to attract new retail names and that the uplift in City Centre retail vacancy figures is likely to be a blip rather than the a start of a medium term uplift. Exeter is a winning City Centre, with a winning strategic vision – a vision that more and more retailers and businesses will want to share.
John Harvey
Exeter City Centre Manager
Friday 30 March 2012
I’m today – 05 January – publishing the latest City Centre Management survey of vacant City Centre retail units (survey completed on 04 January).
It’s worth starting with the facts…
- We now have 40 empty retail units in the City Centre
- The percentage of retail units empty in City Centre now stands at 6.44%
- Of the 16 City Centre areas for which vacancies are listed, 8 areas are showing the same vacancy rates as contained in the November vacancy survey, 3 areas are showing an increase (Paris Street, Guildhall Shopping Centre and Sidwell Street) and 5 areas are showing fewer vacancies than in November (Princesshay, Queen Street, Harlequins, High Street, and South Street)
- Of the 16 City Centre areas for which vacancies are listed, 5 areas are showing no vacancies at all.
- The City Centre percentage vacancy rate compares very favourably with the current national average running at around 14%.
A breakdown of the number of vacant City Centre retail units is set out below…
The economic climate remains incredibly challenging – a position underlined by the mixed bag of Christmas trading results now emerging and by businesses such as Hawkins Bazaar going in to Administration. The difficulties being faced by a number of retailers are well documented and Exeter remains at risk from the on-going challenges to the UK economy. There is no doubt that Exeter, along with other cities and towns across the UK, will see further retail closures and I am in no doubt that 2012 will be another challenging year. I remain very buoyant however about the ability of the City Centre to meet the economic challenges head-on and believe that the investments both recently delivered and in the pipeline will maintain the momentum of change and renewal in the City Centre that will ensure Exeter continues to be a shining beacon of opportunity and prosperity within the region.
When the Portas Review was launched in December I commented that I believed the strongest city and town centres would continue to prosper and grow, whilst those with underlying weaknesses were at risk of their problems accelerating. I remain convinced by this argument and have no doubt that Exeter is one of the strongest centres in the Region – with that strength underlined by the John Lewis investment in the city. The reality is that strong brands such as John Lewis and Urban Outfitters back winning City Centres with a winning forward-thinking development strategy – Exeter is without doubt such a City Centre.
I am incredibly excited about the opportunities that 2012 presents. Encouraging Christmas trading figures, good post Christmas sales figures and the best retail vacancy figures since 2008 offer a great New Year springboard for the City Centre.
John Harvey
Exeter City Centre Manager
Thursday 5 January 2012
I am today publishing the latest retail vacancy rates survey for Exeter City Centre - detailing the number of City Centre shop units currently standing empty. The figures are published against a backdrop of the recent 'flat' UK economic growth figures (http://www.bbc.co.uk/news/business-15535518).
I'm delighted with the reduction in City Centre retail vacancy rates shown in the latest survey. It's particularly encouraging that retail vacancies stand at their lowest level since January 2011 and that vacancies are significantly lower than 2009 and the majority of 2010.
In the final run-up to Christmas this year we have seen a drop of 0.8% in the City Centre retail vacancy rate - a drop from 46 empty retail units to 41 empty units. It's normal to see short-term lettings in the run-up to Christmas, with businesses such as Calendar Club taking space on a short-term basis, but these figures also reflect more long-term commitments and significant investment in the City Centre. Investment in the City Centre is currently running at encouraging levels, with investment from both independent businesses and national names. We will see Hotter Shoes, Republic and Urban Outfitters open before Christmas and the significance of these investments will not be lost on retail analysts, or Exeter shoppers - Urban Outiftters only have sixteen stores at present in the UK (and only twenty-one in Europe), Exeter will be their seventeenth UK store. Work is progressing well on John Lewis, with work likely to be completed late 2012. Major businesses such as John Lewis and Urban Outfitters only back winning cities, cities of opportunity and vision - Exeter is clearly such a location and without doubt the leading retail centre west of Bristol.
There are clearly challenges remaining for the City Centre, but in my view there are more grounds for optimism than concern.
Exeter City Centre Manager
Thursday 3 November 2011
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I'm delighted with the reduction in City Centre retail vacancy rates shown in the latest survey. It's particularly encouraging that retail vacancies stand at their lowest level since January 2011 and that vacancies are significantly lower than 2009 and the majority of 2010.
In the final run-up to Christmas this year we have seen a drop of 0.8% in the City Centre retail vacancy rate - a drop from 46 empty retail units to 41 empty units. It's normal to see short-term lettings in the run-up to Christmas, with businesses such as Calendar Club taking space on a short-term basis, but these figures also reflect more long-term commitments and significant investment in the City Centre. Investment in the City Centre is currently running at encouraging levels, with investment from both independent businesses and national names. We will see Hotter Shoes, Republic and Urban Outfitters open before Christmas and the significance of these investments will not be lost on retail analysts, or Exeter shoppers - Urban Outiftters only have sixteen stores at present in the UK (and only twenty-one in Europe), Exeter will be their seventeenth UK store. Work is progressing well on John Lewis, with work likely to be completed late 2012. Major businesses such as John Lewis and Urban Outfitters only back winning cities, cities of opportunity and vision - Exeter is clearly such a location and without doubt the leading retail centre west of Bristol.
There are clearly challenges remaining for the City Centre, but in my view there are more grounds for optimism than concern.
John Harvey
Exeter City Centre Manager
Thursday 3 November 2011
I am today publishing the latest retail vacancy rates for Exeter City Centre - the number of City Centre shops currently standing empty.
The Confederation of British Industry (CBI) called July the toughest month of trading faced by retailers in more than a year (http://tinyurl.com/6zwhngr) and on 25 August said that retail sales had fallen at the fastest pace for over a year (http://tinyurl.com/3mrs8qh). The British economy boasted only a 0.2% expansion in the second quarter and retailers are reported to be at their most pessimistic for some time, scaling back their investment plans for the next twelve months.
There is no doubt that the retail environment remains extremely challenging, but despite gloomy statistics, and a British Economy that can best be described as 'perilous', Exeter's retail vacancy rate has held relatively firm - only gaining 3 additional vacancies overall since March. There are now 46 empty retail units in the City Centre - a vacancy rate of 7.4%. The slight uplift in the City Centre vacancy rate from June (when vacancies stood at 6.91%) is clearly disappointing, but inevitable with the disappearance of more familiar national names including Focus DIY and Habitat and the very challenging retail trading environment. Exeter is not an island that can disentangle itself from the challenges of the wider economy.
On balance however I remain optimistic about the medium to long-term prospects for Exeter City Centre. The massive investment and re-engineering of the City Centre that started with the Princesshay development continues to move forward - with the John Lewis building work being the natural next stage of development - and this change and renewal is delivering the best possible environment for further investment and investor confidence.
The bright orange hoarding in High Street heralds the newest City Centre arrival, Urban Outfitters. Sea Salt has recently opened for business, and a new jewellers, Paul Ashby Crane & Son, will also shortly open in Gandy Street, bringing even more vibe and character to an already fantastic street, and one of the most independent retailer led quarters in the city. Retailer enquiries remain strong and we can expect announcements of further new names for the city over the coming months. This should be seen as what it is, retailers having faith in Exeter as a city that can deliver. It’s a winning city and a sound investment for the long term.
John Harvey
Exeter City Centre Manager
Tuesday 13 September 2011
Today, 22 June, I can publish the latest City Centre Management survey of vacant City Centre retail units (survey completed on 15 June).
Key facts…
The national economic climate remains challenging, with retailers nationally continuing to feel the squeeze. Challenges being faced by a number of national retail chains are well documented; we have seen an example of this with the unfortunate closure of Currys Digital this weekend. I still remain very confident however about the short, medium and long-term prospects for Exeter City Centre. We have encouraging levels of retailer investment – Work is just about to commence on Urban Outfitters in the High Street, and the works at the former Debenhams building are continuing apace. I'm aware of a significant number of further retailer deals in the pipeline, for which I would expect to see announcements being made during the coming two months.
John Harvey
Exeter City Centre Manager
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Key facts…
- We have 43 empty retail units in the City Centre.
- The percentage of retail units empty in Exeter currently still stands at 6.91%.
- Of the 16 City Centre areas for which vacancies are listed, 11 areas are showing a reduced or the same vacancy rates as contained in the March vacancy survey. Of the 16 City Centre areas for which vacancies are listed, 5 areas are showing no vacancies at all.
- The Exeter percentage vacancy rate compares very favourably with the current national average, which is still running at around 14%.
John Harvey
Exeter City Centre Manager