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High Street lows...
Written on: 20 February 2012
What does the future hold for the High Street?
The High Street seems to be in everyone's focus at the
moment and its future plight is being referred to in both speeches
and the press on a regular basis.
Portas has done a good job in shaking up the industry thinking on
the issue and love her or loathe her, she has prompted some much
needed healthy debate. The Governments response to her 28 point
plan is awaited in the Spring.
Recent figures from the Local Data Company show a 15% vacancy rate
on the High Street. With Jones Lang telling us that 50% of leases
are due to expire by 2015, there will continue to be a steady
amount of stock returning to Landlords which will serve to
exacerbate the vacancy rate. Clever thinking and brave decisions
are needed to ensure our High Streets do not become
wastelands.
Justin King of Sainsburys has also picked up on the 'shrinking' of
the High Street and calls for a change of use to residential. Many
will of course cite Sainsburys and their fellow supermarkets as one
of the major contributing factors in the decline of the High Street
in the first place. However the march of the in town convenience
stores continues so they must still see the High Street as a viable
location and of course be well placed to pick up any residential
redevelopment.
Its still a real mix bag of results and trading figures coming
through. Rumours abound on New Look and inquisitive retailers
especially in the fashion sector seem to becoming a rarity in all
but the top performing Centres.
But it is good to see quite a bit of positive news around with
Domino's Pizza, Sportsdirect and Heineken all reporting good
sales.....sounds like boys nights in are all the rage!