Budget Stores Changing The Look Of Britain’s Commercial Property

The face of Britain’s shopping centres is undergoing extensive cosmetic surgery as cut-price chain stores are increasingly occupying their commercial property, according to a report from retail consultants Trevor Wood Associates.

Pound shops, discount fashion retailers and food outlets, having become established in the high-street, are now targeting shopping centres for further growth.

Poundland is the fastest-expanding occupier, registering a 56% growth, beating Subway into second place. Greggs and Peacocks also registered strong growth.

Various ‘changes in the market in the last few years’ are highlighted by senior partner Trevor Wood in the study.

The harsher economy means consumers are seeking increased value for money and this, coupled with the cheaper commercial property rents available, means shopping centres are attracting budget shoppers and retailers in greater numbers.

The report details how pound shops applied foundation to the chasm left behind by Woolworths, filling the majority of voids left in commercial property and consumer demand when the retailer collapsed in 2008.

A Greggs spokesman pointed to the repositioning of shopping centres as ‘a destination to shop’ where ‘people are likely to need to eat as part of their trip’ as a reason for the proliferation of food vendors now present in such venues.

Commercial property occupancy has increased its technological quota; three of the top ten most common retailers are mobile phone outlets: Carphone Warehouse, o2 and Orange.

Lines of commercial property demarcation become apparent towards the premium end of shopping centres, exemplified by the top three, judged on footfall, size, number and type of shops. Bluewater, Kent takes the top spot, followed by Metrocentre in Gateshead and Westfield in West London.

The physical transformation appears set to continue in Britain’s shopping centres, most of the top twenty-seven revealed plans to expand, despite ongoing concerns over the economy’s haggard appearance.

 

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