Published on December 10, 2013
Future of Town Centres Nick Sewell, Director, NewRiver Retail Paul Wright, Director, NewRiver Retail Place North West Retail Conference, City Tower, Piccadilly, Manchester Wednesday 27 November
Overview • • • An Introduction to NewRiver Retail Death of the High Street? The Counter Narrative • • • Re-Defining the High Street Community, Partnership, Innovate, Invest Case Studies • Consumer Discretionary vs. Non-discretionary Spend Leamington Spa Locks Heath Wallsend Conclusion 2
NewRiver in Numbers UK’s 4th Largest Shopping Centre Owner/Manager Average purchase yield c. 9% £450 million assets under management 24 UK-wide shopping centres New Look, Primark, Cooperative, Supe rdrug Tesco 950 occupiers 105+ million shoppers pa 96% average occupancy rate 3.8 million sq. ft. 3
Death of the High Street? 4
Some High Streets are Underperforming There are too many shops and obsolete stock Chronic under-investment Decentralisation of towns - out-of-town retail and business parks Competition Property taxation Inadequate parking Some locations will not recover High Street decline is symptomatic of poor performing Town Centres A Thriving town matters hugely; they are our economic and social hearts 5
The Counter Narrative • Retail spend remains resilient • Positive annual growth between 2007 to 2012 • Recovery mode • Population growth • Retail spend remained resilient • Winners & Losers • Food & grocery expenditure is capturing circa 45% of total sales . 6
Retail Market Source: Verdict 7 Primark, Aldi, Poundland – stellar results Not bricks vs. clicks – multi-channel • Neighborhood 16% The cost of unsustainable. • Out of Town Food 23% Non-store retail remains a small channel • Town Centre 42% Town centres capture 58% spend • Catalogue & Bricks & Mortar TV Shopping Online Pure play 4% 4% 2% Out of Town Non-Food 9% • • Retail Spend by Retailing Destination Out of town food remains a significant threat free delivery is
Retail Market: Offline Spend Growth 33.5 23.8 16.9 17.3 15.1 14.9 13.3 11.9 Spending growth online 9.3 7.7 7.5 Spending growth offline 2.4 2007 0.9 2008 -1.5 2009 0.4 -0.4 -0.4 0.5 1.2 1.7 2.0 2.1 2010 2011 2012 2013 2014 2015 2016 2017 Retail growth exc online sales Online sales growth Source: Verdict Change in sector expenditure £m 2007-11 8
The Consumer – Not just king but centre of the Universe Defining consumer behaviour: Polarisation of retail Discretionary vs. non-discretionary More informed. More competition Value, convenience, lifestyle 9
Re-Defining the High Street – Its not just about retail Complex Range of Issues • Convenience • Clean, attractive, safe • A broad range of services – community, housing, health • The growing importance of Localism • Markets / pop-up shops • Lifestyle 10
Community, Partnership, Innovate, Invest • Collaboration on town strategy • Economic partnership • Investing in your town centre • Relieve the burden of property taxation • Embrace technology • The heart of the community 11
Conclusion UK Retailing Remains Resilient • Retail is alive and kicking • The consumer is more than just King • Joined up thinking between key stakeholders • Hands on asset management • Investment is key • Strong town centres = strong retail destinations 12
Discover more about NewRiver & the true value of retail Nick Sewell Paul Wright Executive Director firstname.lastname@example.org Director email@example.com Join the Conversation Watch Our NewRiver Feature Video (Search for NewRiver Retail) Explore Our brand new website www.nrr.co.uk Tweet @newriverretail #trueretailvalue Link In NewRiver Retail 13
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