Member Article

Positive signs for the Leeds retail sector

The outlook for the retail sector in Yorkshire remains optimistic, despite the sluggish economy, according to the latest retail research by global property consultancy Knight Frank.

The recent opening of the £350 million Trinity Leeds, which is already 90 per cent let, is a massive boost for Leeds, making it the one of the most attractive retail destinations in the whole of the UK, says Knight Frank.

Dan Hyde, retail specialist with Knight Frank in Yorkshire, commented: “Obviously Trinity Leeds is grabbing the headlines, and rightly so, but there are other retail success stories in Yorkshire too. Taken together, the stories provide evidence that the retail sector in Yorkshire is fighting back.

“For example, Halifax’s £25m Broad Street Plaza, comprising 280,000 sq ft of mixed-use retail development, is now open. It offers a 24/7 gym, a Vue cinema, a 429-space multi-storey car park, a Premier Inn and various restaurants.

“Meanwhile, Wakefield Trinity Walk, a partially enclosed shopping centre with over 40 stores and 1,000 car parking spaces, has put Wakefield on the retail map. With the award-winning Hepworth Gallery and the development of the Westgate Quarter near the station, the renaissance of Wakefield continues apace.”

He added: “Sheffield and Bradford are pinning their retail hopes on the significant Sevenstone and Broadway developments respectively, and, with a fair wind, both projects should get off the ground within the next couple of years.”

According to Knight Frank’s latest UK Retail report, retailer demand will continue to be driven primarily by the structural changes being brought about by the internet.

This is not good news for smaller high street traders and unprofitable shops continue to close with a number of operators remaining under threat from tough trading conditions and high levels of debt.

This was posted in Bdaily's Members' News section by Mark Lane .