According to property consultancy Colliers International’s annual Midsummer Retail Report, choice, the newest brands, entertainment, diversity and novelty fuel the success of the most sought-after destinations. According to Nick Round, Colliers’ Birmingham-based national head of shopping centre leasing, some parts of the West and East Midlands have seen dramatic declines in average in-town prime rental growth. As a result, the regions are the worst performing in the country.
Despite the East Midlands’ poorly performing retail rents, developers in Nottingham also appear to be bullish: there is a major extension planned at the Victoria Centre, whilst Westfield has the green light for a comprehensive extension and refurbishment of the Broadmarsh Shopping Centre.
Some Midlands-based retailers are bucking retail trends. Next, based in Leicester, has seen growth of just 0.9 per cent from
its traditional stores; however, sales on Next Directory have forged ahead at 14.8 per cent. In contrast, after a series of profit warnings, Alfreton-based Thorntons has announced plans to axe 180 shops – almost half of its UK chain. The chocolatier is planning to focus on the top 100 locations.
