Grab and go. Food is now the driving activity for high street and out of town retail and leisure. The arrival of ‘Superfast’ food is a new concept – aimed at providing quality meals in a much reduced time.
The concept has been a phenomenon in the US for some time and some US operators are looking to expand in the UK. Examples of this trend are MOD Pizza, Five Guys and Inferno.
Across the Bidwells markets the demand for retail floor space both in town and out of town has continued to gather momentum – out of town is now at its highest level in 5 years, whilst demand for high street is at highest level since 2007/08.
The supply of space across the Bidwell’s locations is lower than the national average standing at 4%.
Other retail news across the Golden Triangle includes:
- Grafton Centre, Cambridge – £18.5m transformation is underway following Legal and General purchase.
- New 120, 000 sq ft John Lewis opened in September in Chelmsford anchoring the 300,000 sq ft Bond Street scheme.
- New names are being announced for the Westgate Shopping Centre, Oxford, 800,000 sq ft scheme due to start in autumn 2017.
Growth in retail Warehouse rents in Bidwells’ centres since start of 2015.
Annualised growth in Cambridge Prime Zone A rents since 2013.