Drastic action is needed to halt the decline of Bristol’s Park Street as a premier shopping destination.
That’s according to commercial property specialists at Bruton Knowles, who have waved the flag for independent retail locations threatened by high rates, increasing competition and lack of parking facilities.
Paul Matthews, Head of the firm’s Bristol office, said the city’s retail heart had shifted to Cabot Circus, while out of town centres such as Cribbs Causeway had gone from strength to strength.
“We are based in Great George Street – just off Park Street – and have noted the local retail offering’s decline in fortunes with concern – in particular the growing number of voids.
“While some believe the pop up shops appearing up and down Park Street demonstrate the area’s lively and highly independent spirit, a great many retail businesses and shoppers would regard the trend as destructive to the quality of the retail pitch.”
Paul said Park Street was struggling to hold its own in the face of a number of adverse factors.
“It’s not so much footfall as there are always plenty of people walking up and down – but they are en route elsewhere rather than the genuine shoppers Park Street needs.”
He went on: “Clients we have been speaking to are highlighting a number of factors including high business rates and the lack of easily available, cheap parking in and around the city centre.”
The demise of Goldbrick House is the latest in a long list of closures crippling the Park Street economy as a number of shops and restaurants have closed down.
“It’s clear Park Street needs a lifeline from the council or it could end up a rather shabby street on the way to the Centre.
“Park Street thrives on having a good mix of traders and plenty of food and beverage outlets to increase dwell time. Otherwise, the quality of the street will decline leading to a drop in retail property values and alternative uses potentially changing the face of the road.”
