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Retail Update - February 2013

 

Posted At: 19 February 2013 10:59 AM
Related Categories: Retail, Retail Property, Retailers

 

According to new data published by BRC, January saw the sharpest fall in high street shopper numbers for two years – high street numbers were down 3.3%; out-of-town declined 7.2%; and shopping centres saw a drop of 5.2%. Average footfall for all retail locations was down 4.6% year-on-year. ONS, retail sales in January do not represent a great start to the year, but on a more positive note, online sales for January rose 16% year-on-year, according to the IMRG Capgemini e-Retail Sales Index. Notably, clothing sales soared 23% year-on-year representing the largest increase since July 2011. The Coffer Peach Business Tracker showed that pubs and restaurants suffered in January as a result of the bad weather, recording a 2.4% decline in like-for-likes, following a relatively successful Christmas. Inflation remained unexpectedly flat for the fourth consecutive month in January at 2.7%, according to ONS figures.

Cushman & Wakefield are expecting an influx of luxury international brands from Italy, France and Spain to dominate London’s prime streets this year, pushing retail rents to record levels. There are now 10 international brands for each store that becomes available on Bond Street or Sloane Street, representing a 20% increase in the last year.

A report produced by Conlumino for Hammerson – The Reshaping of Retail – suggests that retail spending is expected to grow at an annual average of 2.4% between 2013 and 2022, with 62% of this growth being generated by the over-55s. The report also forecasts that by 2020 mobile spend will account for £53.9bn of sales.

Liverpool hardware store Rapid and young fashion retailer Republic have followed Blockbuster, Jessops and HMV into administration. Meanwhile Store Twenty One is suffering severe financial difficulties and is likely to be placed into administration in the near future after it failed to pay its rent.

Capital Shopping Centres has officially rebranded itself as Intu Properties, and will invest £25m in new digital infrastructure for its shopping centres over the next three years. The group is also believed to be close to acquiring Legal & General’s Midsummer Place shopping centre in Milton Keynes.

Some highlights from this month’s retail news include:
- Victoria’s Secret expanding outside of London
- Danish retailer Tempur Mattresses to open its first European store at Bluewater
- Karl Lagerfield has begun searching for a 2,000sq ft West End flagship

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