Retail Footprint 2010 reveals Britain's shopping successes and strugglers
21.05.2010 CACI has released its annual ranking of the UK's top retail destinations, underlining strength in Glasgow, Liverpool and Newcastle but more difficult times for Leeds and Birmingham.
Retail Footprint 2010 ranks retail centres by forecast expenditure. It shows that while London's West End remains the Britain's number one shopping destination by a long way, Glasgow is the country's number two, just ahead of Birmingham by some £120 million.
Paul Langston, Associate Partner - Location Strategy at CACI, who led the study explained: "Glasgow is proving a strong retail centre and resilient in the recession. There have been no fundamental changes in the Glasgow market in the past 12 months but nonetheless it has much better vacancy rates than Birmingham, which is now a 'shopping struggler'. The only reasons the two cities are so close in expenditure terms is Birmingham's larger population density and weaker surrounding retail centres."
This year, CACI has made improvements to its methodology to better reflect transaction data, the geography of retail centres, travel catchments and other issues. "These changes mean that it is difficult to compare this year's rankings with 2009 on a like for like basis," continues Paul Langston. "But nonetheless some findings stand out.
"Liverpool has shown some success from the investments in Liverpool One and Newcastle has benefitted from the opening of the Eldon Square extension. Leeds, meanwhile, is struggling to compete against other similarly-sized cities and now desperately needs the Trinity Quarter development to come on stream."
The Retail Footprint 2010 top ten rankings are:
Retail Centre Expenditure
1. London (West End) - £3,170m
2. Glasgow - £2,550m
3. Birmingham - £2,430m
4. Manchester - £2,320m
5. Liverpool - £1,960m
6. Nottingham - £1,810m
7. Leeds - £1,520m
8. Westfield London - £1,370m
9. Newcastle Upon Tyne - £1,230m
10. Norwich - £1,180m
Further editorial information: Graeme Buck, Camargue, tel 020 7636 7366.
Notes to editors:
1. CACI's Retail Footprint analyses current and future shopping patterns, classifying retail centres into over 50 different types according to retail mix, market positioning and evolving shopping role. The annual ranking provides a definitive and independent guide to UK retail centres, helping retailers and property investors monitor changing dynamics and likely impact on investments.