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September has seen a number of positive news stories of increasing economic optimism in the UK, not least reflected by Gfk’s monthly consumer confidence barometer for August that revealed consumer confidence was at its highest level since October 2009.
The rise of three points in August to stand at -13 showed the biggest improvement in confidence over a four-month period since 1982, with consumers more willing to spend on major purchases, rising five points to stand at -16. This is 15 points higher than this time last year.
Further news of increasing optimism can be seen in the capital, with Oxford Street alone predicting sales figures of over £5bn this year, perhaps aided by the growth in the number of visitors from the Middle East, who, according to Global Blue, spent an average of £794 per transaction in the first six months of 2013.
Even the pipeline of shopping centre development is seeing green shoots of recovery, with an extra 1.5m sq ft of retail and leisure space being created throughout 2013. The 50,000sq ft Jubilee Place scheme at Canary Wharf, and the 50,000sq ft Yate Shopping Centre will join the already opened Trinity Leeds and Whiteley schemes. Intu is also planning a number of food court refurbishments throughout the rest of 2013.
September has been a quiet month in terms of administrations with only one reported, although with the rent quarter day looming there could be many more in our next report. Administrators Duff & Phelps were appointed to DME Fashion, trading as Pineapple. It is not yet known if the stores will continue trading through the administration process.
In contrast, September saw Textiles Direct bought out of administration by Home Center Retail, the owner of which is a director of a supplier to Textiles Direct. Textiles Direct succumbed to administration earlier this year in April 2013 after a decline in turnover.
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