SECURITY

Uk Town Centre Retailing 2009 -Aarkstore Enterprise

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Moreover, it includes data and trends for town centre retailing as a whole and by sector over the last 10 years and forecasts for the next five years, as well as comprehensive analysis of current and future town centre retail issues.

Scope

*Market value and growth, space, sales densities and store numbers 1998-2008 with forecasts to 2013

*Comprehensive analysis of the pipeline of all shopping centre developments over 25,000 sq m due to open 2008-2015

*Review of performance of recently opened shopping centres, such as Westfield London and Cardiff St Davids

*Analysis of top 100 GB shopping destinations by 12 criteria including vacancy rates, size, proportion of AB shoppers and size of shopping population

Highlights

As the largest, most discretionary location and one that is being squeezed by the transfer of spend to the grocers and online, town centre is shrinking the fastest of any retail location, contracting by 3.4% in 2009. The resultant shakeout to remove excess capacity across several sectors is permanently changing the face of high street retailing.

While a number of retail developments have been put on hold owing to the economic downturn, the majority of Verdict’s Top 10 town centres have experienced recent new developments. This is a reflection of the increasing pull of these locations to the detriment of secondary town centres, a trend that we expect the economic downturn to accelerate.

Over the past year, the rise in vacancy rates has forced retailers and landlords to be more flexible. Landlords have to be more proactive in tempting retailers to take on space meaning there are some attractive deals on offer for retailers.

Reasons to Purchase

*Identify the leading town centre locations and how they are performing relatively to each other and their own history

*Track town centre’s retail performance as a whole, or by individual sector, both over the last decade and its likely performance moving forward

*Identify which areas of the UK are set for development of their retail propositions and how they are likely to fare

Table of Contents :

CHAPTER 1 EXECUTIVE SUMMARY
Key findings
Main conclusions
Town centre summary

CHAPTER 2 RETAIL ISSUES
Recession confirms long term decline line
High street turmoil turns slowdown into downturn
Heightened frugality drives polarisation of demand
Consumer spending on non-food becomes much more considered
Traditional high street specialists struggle to remain relevant
Specialists fight waning relevance vs grocers, non-specialists and online
Much secondary retail space disappears
New premium space further damages secondary locations
Don’t pin hopes on planning and competition legislation
Favourable legislation will do little to aid town centres
Dealing with unwanted space through closer collaboration
Vacancy rates rise
Pop-up stores fill vacant spaces
Other landlord-led innovations emerge

CHAPTER 3 STRATEGIES FOR SUCCESS
Retailers need to be lean and competive as market contracts
Landlord flexibility will protect rental income and asset value

CHAPTER 4 TOP 100 TOWN CENTRES & MALLS
Methodology
Top 10
Central London
Glasgow
Manchester
Birmingham
Leeds
Newcastle
Edinburgh
Nottingham
Kingston-upon-Thames
Milton Keynes

CHAPTER 5 TOWN CENTRE VS OTHER LOCATIONS
Growing pressure on town centre hits high street in particular
Retail sales by location
Town centre suffers from exposure to discretionary non-food retailers
Retail spend by location
Sales and sources of growth
Deflation and space closure drive declines
Space by location
Significant decline due to closures, collapses and cautious approach
Sales densities by location
Store numbers by location
Forecast
Continuing sector shakeout will see town centre diminish in significance

CHAPTER 6 SECTOR SUMMARIES
Shakeout in some sectors changes high street retailing forever
Books, news & stationery specialists
To bottom out in 2011-12 as liking for high street bookshop endures
Clothing & footwear specialists
Premium new space helps prop up sales growth
Department stores
Retailers seek new routes to growth as consumers become more frugal
Electricals specialists
Retailers close unprofitable high street stores
Food & grocery specialists
Impressive growth despite space consolidation
Furniture & floorcoverings specialists
Market in throes of painful contraction
General merchandisers
Woolworths collapse has major impact but value operators show growth
Health & beauty specialists
Recession proof sector achieves huge growth in sales densities
Music & video specialists
Sales transfer online – HMV last man standing on high street

CHAPTER 7 TOWN CENTRE WINNERS AND LOSERS
Huge changes on the high street
Total sales
Value orientated retailers prosper as discretionary spend declines
Operating profit
Deep discounting and weak sterling impact adversely on profitability
Operating margin
Town centre retailers experience marked decline in operating margins
Space
Renewed focus on improving exisiting space as rate of expansion slows
Sales densities
Sales densities decline as discretionary demand falls away
Store numbers
Short term opportunities exist as capacity falls out of the market
Advertising media expenditure
Advertising declines as town centre based retailers aim to cut costs

CHAPTER 8 NEW RETAIL DEVELOPMENTS
Major retail developments in 2008
Three new centres perform solidly
Westfield London, White City
Benefits from prime location and differentiated proposition
Liverpool One
Raises city’s destination status
Cabot Circus, Bristol
Experiences a solid first year but challenges mount
Other significant developments in 2008
Developments in the pipeline
New developments tail off
St David’s II, Cardiff
Faces high vacancy levels on opening
Westfield Stratford, London
Westfield to further challenge supremacy of central London
On hold/cancelled developments
Uncertain outlook fosters new era of caution

CHAPTER 9 GLOSSARY
Terminology
Abbreviations

LIST OF TABLES
Table 1: Town centre sales and space 1998, 2003, 2008 and 2013e
Table 2: Town centre retailers strategies for success 2009
Table 3: Town centre landlords strategies for success 2009
Table 4: Weighting of factors determining Top 100 centres in 2009
Table 5: 1-10 of Verdict’s Top 100 UK shopping centres 2009
Table 6: 11-30 of Verdict’s Top 100 UK shopping centres 2009
Table 7: 31-60 of Verdict’s Top 100 UK shopping centres 2009
Table 8: 61-100 of Verdict’s Top 100 UK shopping centres 2009
Table 9: Retail location definitions 2009
Table 10: Retail spending by location at current prices 1998-2009e
Table 11: Sales through town centre retailers 1998-2009e
Table 12: Sources of growth for town centre retailers 1998-2009e
Table 13: Town centre floorspace vs all stores 1998-2009e
Table 15: Sales densities by location at current prices 1998-2009e
Table 14: Store numbers by location 1998-2009e
Table 16: Town centre summary data 2003, 2008 & 2013
Table 17: Town centre vs total retail spending 1998-2013
Table 18: Town centre sales and share of sector 2009
Table 19: Books, news, stationery specialists in town centre 2004, 08 & 09
Table 20: Clothing & footwear specialists in town centres 2004, 2008 & 09
Table 21: Department stores in town centre 2004, 2008 and 2009
Table 22: Electricals specialists in town centres 2004, 2008 and 2009
Table 23: Food & grocery specialists in town centres 2004, 2008 and 2009
Table 24: Furniture & f’covering specialists in town centres 2004, 08 & 09
Table 25: General merchandise retailers in town centres 2004, 2008 & 09e
Table 26: Health & beauty specialists in town centres 2004, 2008 and 2009
Table 27: Music & video specialists in town centres 2004, 2008 and 2009
Table 28: Key town centre retailers UK turnover record 2004-2009
Table 29: Key town centre retailers operating profits 2004-2009
Table 30: Key town centre retailers operating margins 2004-2009
Table 31: Key town centre retailers total selling space 2004-2009
Table 33: Key town centre retailers densities 2004-2009
Table 32: Key town centre retailers total store numbers 2004-2009
Table 34: Top 12 town centre retailers by advertising expenditure 2009
Table 35: Major developments 2008
Table 36: Other new developments 2008
Table 37: Development pipeline 2009-2011 as at October 2009
Table 38: Development pipeline 2012-2015 as at October 2009
Table 39: On hold/cancelled developments 2009-2015 as at October 2009

LIST OF FIGURES
Figure 1: Town centre retailing key issues 2010
Figure 2: Town centre sales growth rates % 1999-2009
Figure 3: Polarisation of demand 2009
Figure 4: Electricals channel shares – forecast changes 2013 on 2008
Figure 5: Specialist proposition diversification – HMV 2009
Figure 6: Timeline of major legislative developments 2005-2009
Figure 7: Estimated average vacancy rates June 2008 and June 2009
Figure 8: Verdict estimate of prime rental growth % 1999-2009
Figure 9: Gap 1969 Pop-up store 2009
Figure 10: Growth of retail sales by location 1998-2009e
Figure 11: Share of total retail expenditure by location 1998-2009e
Figure 12: Town centre proportion of total retail sales 2003, 2008 & 2013e
Figure 13: Retail spending growth vs town centre 1998-2013
Figure 14: Town centre sales sources of growth 1998-2013
Figure 15: Sector breakdown of town centre sales 2004 and 2013e
Figure 16: Books, news & stationery specialists town centre sales 2004-13e
Figure 17: Books, news & stationery specialist town centre space 2004-13e
Figure 18: Clothing & footwear specialists town centre sales 2004-2013e
Figure 19: Clothing & footwear specialists town centre space 2004-2013e
Figure 20: Department store town centre sales 2004-2013e
Figure 21: Department store town centre space 2004-2013e
Figure 22: Electricals specialists town centre sales 2004-2013e
Figure 23: Electricals specialists town centre space 2004-2013e
Figure 24: Food & grocery specialists town centre sales 2004-2013e
Figure 25: Food & grocery specialists town centre space 2004-2013e
Figure 26: Furniture & f’covering specialists town centre sales 2004-2013e
Figure 27: Furniture & f’covering specialists town centre space 2004-2013e
Figure 28: General merchandise retailers town centre sales 2004-2013e
Figure 29: Health & beauty specialists town centre sales 2004-2013e
Figure 30: Health & beauty specialists town centre space 2004-2013e
Figure 31: Music & video specialists town centre sales 2004-2013e
Figure 32: Music & video specialists town centre space 2004-2013e
Figure 33: Key town centre retailers sales growth (adj) 2009 on 2004
Figure 34: Key town centre retailers sales growth (adj) 2009 on 2008
Figure 35: Space growth of key town centre retailers (adj) 2009 on 2004
Figure 36: Space growth of key town centre retailers (adj) 2009 on 2008
Figure 37: Sales density growth of town centre stores 2009 on 2004
Figure 38: Sales density growth of town centre stores 2009 on 2008
Figure 39: Change % in key town centre retailers store nos 2009 on 2004
Figure 40: Change % in key town centre retailers store nos 2009 on 2008
Figure 41: Westfield London, White City 2009
Figure 42: Liverpool One 2009
Figure 43: Cabot Circus, Bristol 2009
Figure 44: St David’s 2, Cardiff 2010
Figure 45: Westfield Stratford, London 2010-11

For More information please contact :

http://www.aarkstore.com/reports/UK-Town-Centre-Retailing-2009-34173.html

About the Author

Minal H
SEO
vinod.minal@gmail.com
http://www.aarkstore.com

AUT 161 – Basic Circuit Terminology