Lloyds Bank proposes Market St unit

LLOYDS Bank is planning into open a new flagship branch in Manchester at the former Adidas unit on Market St.

The bank already has branches nearby at within Vision Developments’ building at King St and a bank at Mosley St, near Piccadilly Gardens.

It has submitted an application to Manchester City Council – due to be heard by its planning committee today – which involves converting the unit from retail use to financial services, with public access spread over two floors offering internal cash machines, cashier points, meeting rooms and a customer waiting lounge.

The bank is also looking to install new signs and a new shopfront, and its application cites a similar change of use to another unit on Market St (by Barclays), which was granted permission on appeal in 2006.

The council’s planning officers are recommending that its application is refused, however, as it “would jeopardise the predominantly retail character of Market Street”.

Lloyds TSB confirmed it had submitted an application for the unit but said that it did not wish to discuss its plans until it knows whether permission would be granted.

A report published by Colliers this week showed that Market St had suffered from a decline in footfall of 8.1% in the past three years, which is part of a general slump in high street retail outlets nationwide.

Colliers said that nationally, high streets outside London had witnessed footfall declines of 10.4% as they have been hit by a “perfect storm” of factors such as stalled economic growth, accelerating online spending, retailers consolidating branch networks and increased competition from out-of-town retailers, including supermarkets.

“Many commentators are now talking openly about structural changes to the retail property market, locational obsolescence and failing towns,” it said.

One surprising factor was that prime locations had witnessed more of a decline than secondary centres.

“A potential explanation is that it is the purpose built shopping centres that are increasingly pulling-in the shoppers and this is leaving the traditional high streets – even major thoroughfares – to battle it out for an ever-dwindling number of customers,” it said.