The Northampton retail sector has no reason to feel gloomy, according to commercial property agent, Prop-Search. Amidst the recent high street difficulties, with poor results and cutbacks from national retailers including Peacocks and Thorntons, there are many new businesses taking advantage of flexible lease terms and market opportunities.
Peter Sullivan, a retail consultant with Prop-Search, said: “The national chains that are facing tough times are a reflection of ‘cloned’ High Streets, but there is real hope for Northampton. The town and its population are predicted to grow which long-term make it an attractive proposition for businesses.”
“So whilst some of the national brands are in a difficult place, there are still winners. Niche retailers seem to be doing well.”
A Belgian-inspired tea shop, Leopold’s, that offers chocolates and fresh food, as well as 15 varieties of tea, has opened in Abington Street opposite the Market Square. A keen local athlete has also recently opened a specialist triathlon and running shop – TriRunning. The store on Wellingborough Road, covers two floors hosting clothing and footwear from leading running triathlon and fitness brands, as well as sports nutrition products, accessories and books.
Plans to extend the retail offer within the Grosvenor Centre have also taken a step forward. The West Northamptonshire Development Corporation has now approved a proposal to invest £8 million in the relocation of the town’s bus station which will make way for the Centre’s future expansion. The Grosvenor Centre, which is owned by Legal & General Property, is expected to double in size with 450,000 sq ft of additional retail space across 57 new units. The expansion plans also include a hotel and residential development.
Peter Sullivan added: “Designs for the Grosvenor Centre expansion are currently being developed and a planning application is expected to be submitted Summer 2012. It is thought that there will be opportunities for all retailers when this goes ahead.”
The proposed Grosvenor Centre scheme is part of a wider regeneration of the town centre which includes the redevelopment of the Railway Station and a major mixed-use waterside development.
