Top retail destinations hold their attraction
Bluewater first out-of-town centre in top ten
February 21 2003
The UK’s leading retail centres have held their positions in consumer’s hearts and pockets, according to the latest retail rankings compiled by Experian.
The West End of London remains the UK’s most attractive shopping destination, followed by Glasgow, Leeds and Nottingham.
The first major change in the 2003 rankings sees Manchester climbing five places from 2002 to secure fifth place in the retail super-league. The city centre, redeveloped after the IRA bombing and the focus of considerable investment for last summer’s Commonwealth Games, has attracted retailers including Selfridges, with Harvey Nichols due to open later this year.
The Experian research, endorsed by the British Council of Shopping Centres, also sees the arrival of Bluewater into the UK’s top ten retail destinations. The Kent regional centre is the first out-of-town shopping centre to break through this significant barrier.
The retail ranking analysis is the result of physical surveys of more than 1,100 separate shopping locations and over a third of a million UK retail outlets.
Every retail centre in the UK is assessed based on a number of key performance indicators such as floorspace, and retailer mix. Negative factors, such as the amount vacant space and vulnerability to supermarket competition and e-tailing, are also taken into account.
Other big gainers include Southampton and Reading. Among the top centres, Chester at eleventh has seen the greatest fall in its attractiveness ranking since 2002, when the city was ranked fifth overall. Birmingham has risen two places since 2002 to thirteenth, but is likely to see stronger gains when the major redevelopment of the city centre is complete.
Martin Davies, director of property and retail consultancy in Experian’s Micromarketing division, said: “The key use of this research is to track changes in retail centres over time and monitor the effectiveness of investment in major developments. This year sees no exception in the dynamics of the market with the significant development at Basingstoke increasing its ranking by over 100 positions.
“At the same time this research plays a key role in the identification of areas where increasing capacity could be sustainable in the future, and in areas which don’t punch above their weight in terms of attractiveness, when viewed alongside potential expenditure.
“The 2003 ranking is perhaps one of the most illustrative in terms of highlighting the positive effects of regeneration and development in retail centres, with Manchester surging into the top five, thanks largely to continued regeneration, the undoubted Commonwealth Games effect, and the city’s desire to model itself on the stylish, metropolitan scene of Barcelona.
“What we are also recognising in the ranking is a growing ‘London effect’ in other top retail centres. This has been caused by fashion and brand conscious consumers who, although living outside the capital, and served by one of the top ten ranked centres, have traditionally turned to London for their fashion needs. However, retailers are responding to this market with a growing number of fashion circuits in major centres, trying to emulate a similar experience to shopping in Bond Street.”
TOP TEN UK RETAIL DESTINATIONS
Brackets show position last year
1 West End, Greater London (1)
2 Glasgow, Scotland (2)
3 Leeds, Yorkshire (3)
4 Nottingham, East Midlands (4)
5 Manchester, North West (10)
6 Cardiff, Wales (6)
7 Southampton, South East (7)
8 Reading, South East (9)
9 Norwich, East Anglia (8)
10 Bluewater, South East (11)
