DERBY BUCKS VACANCY TREND!

Market Overview News

It has been a mixed 12 months since the last Derby Retail Study, the UK has exited recession and the Office of National Statistics has reported positive sales growth for both February and March, which continued through Easter.

However the outlook for 2010 remains cautious, with further high profile administrations of Birthdays, Borders, ENVY, Diamonds and Pearls, and Adams, the latter two of which went into administration for the second time in a year. On balance it is not all doom and gloom. Deloitte report a significant decrease in administrations towards the end of 2009 with a Q4 like for like decrease of 58%.

Several retailers have also posted positive results with the John Lewis Partnership posting pre tax profits up 9.7% and Next reported an increase in profits, up 18%.

The overall vacancy rate has dropped to 11.97% , a reduction of 1.68%, with the shopping centres and Cathedral Quarter both performing well, which has helped to reduce the rate from our Spring 2009 report.

Alan Pearson of FHP commented:

 "it has been a positive start to 2010 with enquires up on a like for like basis and a reduction in Derby’s vacancy rate which is below the Midlands average of 15% at 11.97%. Derby now shares some parity with Nottingham which has a vacancy rate of 11.98%, which increased by 2.76%. There are a number of new entrants to the city currently under offer and providing these complete this will provide a welcome boost to the retail offer and hopefully build on the current CACI ranking for Derby of 31, which has risen from 63 prior to the opening of Westfield Derby, placing it firmly on the retail map."

 

Click the link below to view the Derby Retail Study Report.