Tuesday, 4 September 2012

Same old survey, same old problem

Nottingham's status as a retail destination faces some significant challenges.
But yet another survey from the Local Data Company claiming a third of shops are empty isn't one of them.
To repeat, LDC's assessment of the shop vacancy rate has always run ahead of trading reality because it uses a one-size-fits-all counting method.
It's version of Nottingham's retail core is that provided by a Government map. Very convenient for a survey which wants to say it applies the same standard everywhere, but also risky: for Nottingham, the boundaries are out of date and reflect neither the reality nor the dynamism of a trade like retail.
LDC includes streets distant from the centre which long ago ceased to be viable retail locations. Some of the 'empty' units it counts aren't even being actively marketed by their owners.
Those owners include retail giants like CSC, which isn't even pushing some of the empty sections of Broadmarsh because they await redevelopment.
Surveys by the property consultancy FHP and Nottingham City Council suggest the actual vacancy rate may be somewhere between 12 and 17 per cent.
That more shops are empty in a prolonged downturn isn't a Nottingham issue. It's a national issue brought on by the fact that there was too much retail space during the boom.
Retail is not only finding it's level, it's changing because of the impact of online shopping.
This doesn't mean Nottingham doesn't face some significant challenges as a retail and leisure destination. It has to get the future of its two shopping malls sorted, it needs retailers like Apple and Hollister sooner rather than later, it needs a compelling tourist destination to enhance its appeal as a place to come and spend a day.
LDC's survey is almost certain to keep heading in one direction.
But it may not be the same direction as retail reality in Nottingham.

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