Independent stores see growth in shopping centres: report
Landlords are said to be looking for diversity to replace closing chains.
The number of independent stores in shopping centres rose in 2018 compared to 2017, according to data released by the Local Data Company and the British Independent Retailers Association (Bira).
Specifically, 1,951 new openings leading to a net gain of +87 (+1.1%) were recorded in the 2018 compared to a net decline of -88 in 2017 (-1.1%). Data shows that independent retailers played key role in replacing the net loss of -811 chains in shopping centres due to retailers rationalising estates.
“Shopping centre owners are becoming increasingly creative with vacant space, splitting it into smaller units which are more suitable for independent occupiers,” Local Data Company said in a media release.
The analysis, which examines changes across more than 313,000 independent businesses across Great Britain also found that independent retailers opened 4.5% more shops in 2018 than in 2017. This number was offset by a record number of stores closing (35,524), which led to an overall net decline of -1,013 shops.
However, this is a 32% improvement from the decline of -1,483 shops in 2017. Losses were offset by leisure categories such as cafes, restaurants, bars and pubs.
Notably, independent vegan (+52%) and Jamaican restaurants (+15%) have increased the most as a percentage of their total estate.
