Bangor Leisure Centre - For Sale
Dunelm shrugs off gloom with 15% profit rise
12th February 2013
H&M to Open in Derry
SemiChem Seeks Pop Ups
Over 70 jobs created at The Outlet
1st December 2011
Poundland Reach 20 Stores in NI
Out to create Blue skies
Fixed Charge Receiver Update
Park Centre Secures New Tenants
B&M Open in Coleraine
TDK on the recruitment trail
Cash boost needed for the retail sector
A number of key themes have emerged in the retail market in 2010, as we move out of the recession, into more stable, yet still fragile, economic times. Many retailers are struggling as consumers spend prudently and expect higher quality and better value goods and services.
Secondly retailers are grappling to adapt their business strategies to respond to consumers' demand for internet shopping.
However, in spite of the threat posed by the internet, property is a critical channel for retailers to sell goods.
A strong argument can be made that not enough new retail development is under way or being planned.
Redevelopment plans are on hold as developers find it difficult to borrow money on favourable terms.
In a survey by the British Council of Shopping Centres (BCSC) earlier this year, over 66% of retailers felt any slow down in development would result in inadequate retail space to support expansion plans to the medium term.
In the current market there are opportunities for retailers. Often a location may be deemed suitable but space available may not adequately meet retailers' requirements. This can create a need for the landlord to reconfigure units - which is dependant on capital being made available by owners or increasingly the bank or indeed Nama.
The retail property industry need to convinve the banking sector and Nama that, investment in new and existing shopping centres can reap longer-term rewards for a short-term capital injection.
Thankfully to date, Planning Service has taken a largely pragmatic approach to new retail proposals that creat jobs. By delivering new retail space Northern Ireland can continue to be at the forefront of new retail entrants into Ireland and enjoy the benefits of cross border trade.
Taken from today's article in the Belfast Telegraph by Mark Thallon