With retailers now actively seeking expansion due to the improved consumer outlook, shopping centres and high streets around the country are noticing vacancy rates falling at a steady rate. This is positive news after several years of contraction in the retail industry, and indicates that recovery is finally beginning to show results in the retail property sector.
An increase in lettings has certainly had a positive impact for The Mall in Lincoln according to its agent. Footfall levels were negatively affected when fashion retailer Birdy’s decided not to renew its lease at The Mall last March, which left one of the high street facing units empty for around a year – fortunately, this issue has now been resolved and local traders are seeing more customers passing through their stores once more.
Charlotte Elkington, surveyor for commercial agent Hodgson Elkington, speaks of the significant boost in unit uptake and how this is having a positive effect upon footfall.
“The retailers within The Mall have definitely noticed the difference in their trade since the front unit became vacant,” she says.
“This is now picking up as occupancy levels are rising.
“We have recently completed a letting to a mobile phone accessory/repair retailer – they took occupation of two units once they saw what opportunities The Mall had to offer.”
Including the aforementioned mobile phone retailer, Hodgson Elkington has managed to bring the total number of occupied units in The Mall up to 9. A further two empty units are under offer, meaning that there are only three shop units still vacant for interested retailers to choose from.
Thanks to the growing footfall levels and dwindling vacancy rate, the agent has even hinted that a refurbishment may be on the cards in the near future. If this goes ahead, it will mark the first investment into The Mall since a fire in September 2008 necessitated extensive repair work and improvements to be undertaken.
Ms Elkington continues; “We are currently looking into the possibilities of redecorating the interior of The Mall, and hope this is done in late 2014 – early 2015.
“If the number of lettings continue to progress the way they are now, then I expect The Mall to be a busy, thriving shopping mall in the centre of Lincoln.”
Ms Elkington hopes that a greater variety of retailers will express an interest in taking up units in The Mall, seeing the flexible terms as an opportunity. She also expressed a desire to see a larger number of small retailers come forward to claim space within The Mall, believing this will have a further positive impact upon footfall levels.
With pop-up shops becoming increasingly popular in shopping centres and high streets around the country, perhaps the agent will wish to consider utilising the two empty units in this way in future.
