By Petah Marian
Surrey, Oxfordshire, Brighton & Hove, York and West London are currently the five healthiest retail locations according to a study by property advisors DTZ.
The Retail Property Health Index (RPHI) identifies the most and least healthy retail locations in terms of changing economic, socio-demographic and retail characteristics.
According to the RPHI, the five most healthy retail locations in five years time will be inner London (West), Surrey, Solihull, Outer London (West and North) and Oxfordshire.
It said that Berkshire, Cheshire, Worcestershire, Northamptonshire and Shropshire are retail hotspots to watch, underpinned by expected increases in retail sales, falling vacancy rates and rental growth over the next five years.
“The RPHI data excludes retail parks and therefore clearly shows how the improving economic outlook and rising consumer confidence is now being reflected in a revival of the high street. In-town and shopping centre vacancy rates are falling and while this has yet to translate into retail rental growth outside of London, we fully expect to see firmer rents as the economic recovery becomes more sustained across the UK,” said TTZ associate director for retail market analysis Jonathan Rumsey.
"Retailer requirements are also changing. Increasingly they are favouring larger units which provide greater opportunities to display stock and retain shoppers for longer through leisure or experiential areas in prime locations. Retailers are increasingly utilising smaller format stores for click and collect."