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
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