Manchester has one of the best performing high streets in UK – according to report
Manchester is one of the UK’s most resilient retail locations, according to new research from property firm Cushman & Wakefield.
The research ranks the viability and performance of 250 high streets outside central London.
Online sales coupled with rising business rates have made survival on the traditional high street increasingly challenging for retailers in the UK over the past decade.
In recent weeks there have been a series of high profile casualties and firms who have been forced into Company Voluntary Arrangements.
Even House of Fraser has warned that it will have to close some of its stores as it fights for survival.
The latest Cushman & Wakefield research report UK High Streets: Dead or Alive? groups the top performing locations as well as those struggling for survival.
The focus of the report is the Retail Resilience Index, a ranking of 250 towns based on 22 economic, demographic and retail property metrics, most of which have been tracked over a 10-year period, providing a rounded analysis of town performance.
These metrics include retailer demand, leisure spend, floor space density, rental change as well as broader economic indicators such as house prices, catchment demographics, business survival rates and tourism spend.
On an individual town basis, Cambridge, Guildford, Bath, Chichester and Oxford are the high streets that have shown the greatest resilience over the last decade.
Conversely, Hamilton, Llandudno, Newport, Greenock, Ramsgate and Kilmarnock prop up the list of 250 sites.
In the North West, Liverpool (34), Manchester (38) and Chester (47) all sit within the Top 50 High Street locations.
Across the region, rental growth is down by 38% and vacancy rates for high street units currently stand at 14%.
George Lowe from Cushman & Wakefield’s Retail team in Manchester said: “The North West retail market is undoubtedly going through a challenging period, with many traditional retailers downsizing and focusing on the online side of their business.
“We have seen retailers making efforts to broaden the customer experience, encompassing elements of leisure and food and beverage into their offering.
“Altrincham has been something of success story following the refurbishment of its market hall and the opening of a new health & wellbeing centre. The result has been an increase in footfall and reduced vacancy rates.”
He added: “The outlook remains positive however, with our Retail Resilience Index ranking Liverpool and Manchester in the top 50 most resilient retail locations in the UK.”
