East Midlands high street outperforms the regions

May 1, 2014 3:06 pm

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Just 22% of shops affected by 27 high-profile administrations since 2009 are still vacant in the East Midlands, according to new research by business advisory firm Deloitte. The East Midlands outperformed other regions and is second only to Greater London.

Using Local Data Company (LDC) data on almost 5,900 shops, Deloitte’s analysis showed that nationally the high street (20%) is far outperforming retail parks (37%) and shopping centres (29%) for space formerly occupied by these retailers.

In the East Midlands, about 40% of affected shops have now been re-let to new occupiers. Nationally, discount stores account for almost one in five of all re-lettings in the study – with those outlets bought by discounters as a result of these administrations accounting for about 50% of the expansion in this sector since 2008.

Vijay Thakrar, Consumer Business Partner at Deloitte in the East Midlands, said: “Historically, retailers have talked about ‘destination’ shopping locations. However, different and more cautious consumer spending patterns have joined forces with a technology-powered convenience culture which demands that goods and services are available as and where the consumer demands.”

“Rather than taking shoppers away, the internet is pushing people back to shops with the growth of ‘click and collect’. The evidence suggests that we may be entering a new era of ‘en-route’ shopping, powered by mobile shopping and the demand for collection points strategically located at a point between where the consumer is travelling from and to.”

Edwin Bray, Head of Real Estate at Deloitte in the Midlands, added: “The results of this research are surprising and seem to challenge a number of myths around the state of the high street. They would suggest that far from being dead, the high street appears to be showing great resilience and a capacity for reinvention. It seems that a structural shift is taking place with the high street emerging as an unexpected winner.”

Find out more about our thriving town centres, our varied retail offer or even perform your own property search to see how Ashfield & Mansfield could be your next successful retail destination.

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