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
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