Yorkshire retail back on the up

Published: Saturday 4th July 2015 by The News Editor

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Shopping is finally enjoying a resurgence in the Yorkshire region, a new report suggests.

The 2010s had hitherto suffered “prolonged decline”, Colliers International’s New Frontiers report showed.

The Leeds-based commercial property firm’s study – also called the 2015 Midsummer Retail Report – reported that retail rents had nudged up this year.

These performed better than in any other non-London region – registering an increase of 0.4% – while elsewhere the country saw a 0.3% decrease.

The county’s restaurant spend rose by 17 per cent over the opening three months of the year, Colliers found.

This period’s typical retail rents remained at £125, nearly a fifth (19%) under pre-recession rates seen in 2008, when £155 per sq-ft was the norm.

Yorkshire is currently building some of the UK’s largest shopping centres to add to existing ones such as Hull’s Princes Quay.

International director for Colliers, Tom Cullen says retail rental figures suggest an encouraging outlook after a five-year downturn.

Copyright Press Association 2015

Published: Saturday 4th July 2015 by The News Editor

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