Retail sector suffering from Trinity Leeds "hangover"

THE “hangover” from the 2013 opening of Trinity Leeds is still being felt on the high street as both Leeds and Yorkshire suffered a fall in the number of shops.

There were 305 openings but 424 closures across the region, according to PwC research compiled by the Local Data Company. In Yorkshire mobile phones shops, women clothing shops and pawnbrokers all the most likely to be pulling down their shutters.

Leeds saw a net reduction of 14 stores, as 68 new stores opened but 82 closed throughout the year. Huddersfield and Doncaster also saw falls in the total number of stores, losing 19 and 15 respectively. Barnsley and Headingley managed small net increases over the year.

Toby Underwood, restructuring partner at PwC in Yorkshire, said: “Yorkshire’s high street continues its drastic overhaul in response to the advance of online sales and changing consumer demand, and this year’s numbers expose the harsh impact of ‘macro’ changes on the high street, especially in certain sub-sectors.

“The region benefitted from the opening of Leeds Trinity in 2013 when the net difference was significantly less, but the hangover from this is now being felt as the gulf widens between the number of stores opening and those having to close.

“Regulation has blindsided the money shops, the advance of technology has hammered some phone operators and the internet continues to dent the clothing sector. Despite the benign economy, the net loss of shops has accelerated. The insolvencies of Phones4U, Blockbuster, Albemarle & Bond, and La Senza, a diverse cross-section of the retail market, epitomise these factors.”

Matthew Hopkinson, director of The Local Data Company, added: “Our town centres continue to evolve away from traditional shops and services to leisure – food & beverage and entertainment.  This is reflected by American and British restaurants featuring in the top 10 risers along with the impact of click and collect services showing a 20% growth in 2014.

“Change will continue and the area to watch in 2015 is the battle of the convenience and food store sector as supermarkets, the discounters and pound shops fight it out.”