Yorkshire sees 53 new stores open at region's retail parks so far this year

According to research from international real estate advisor Savills, the Yorkshire & Humberside region has seen 53 new stores open at retail parks so far this year, with further openings still to come in the final quarter.

Savills reports that the rate of new openings means the region is likely to surpass last year’s total of 63 new out of town stores, in spite of the array of challenges facing the wider UK retail market.

Savills notes that value retailers have been the most acquisitive in the region, accounting for 41 per cent of new store openings, with Lidl, Aldi, Home Bargains and Iceland’s Food Warehouse all taking new stores.

Lidl recently opened its first store in Harrogate on Knaresborough Road, while Food Warehouse has taken a 10,000 sq ft unit at Crown Point Retail Park in Leeds, and Home Bargains will open a new 30,000 sq ft store in Halifax later this year.

Ian Hare, out of town retail director at Savills Leeds, comments: “During the pandemic the retail park market went from strength to strength, as retailers favoured spacious, out of town locations with ample car parking and provisions for services such as click and collect.

“It’s pleasing to see that this drive is continuing, with retail parks still performing strongly and vacancy rates falling as the supply of available units decreases. The trend that we’re experiencing towards value retailers echoes what we are seeing throughout the rest of the UK, as discounters press ahead with expansion plans, particularly in light of the cost of living crisis.”

Sam Arrowsmith, commercial research director at Savills, adds: “While the retail sector is once again facing a number of headwinds, ultimately the fundamentals of the out of town market remain robust, which is why we continue to see retailers opting to open new stores in these locations.

“The grocery and discount markets are proven to be resilient against downturns so we expect to see further openings from brands within this sector throughout the remainder of this year and into next.”

By Mark Adair – Correspondent, Bdaily

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