November 12, 2012
Global shopping centre giant Westfield has the two most attractive shopping centres in the UK following its opening in Stratford in east London last September, new research reveals.
Trevor Wood Associates has published the latest edition of its regular report Going Shopping – The Definitive Guide to Shopping Centres, which ranks Britain’s shopping centres on their overall attractiveness to customers, based on factors including their size, tenants, weekly footfall and other criteria.
Westfield’s 1.9m sq ft centre at Stratford City has been ranked the most attractive centre in the UK, while the developer’s 1.6m sq ft Westfield London equivalent in Shepherds Bush rose from last year’s position of third to second place. The opening of Westfield Stratford City was key in showcasing the regeneration of east London ahead of the Olympic Games in summer 2012.
The MetroCentre in Gateshead, Bluewater in Kent, and Meadowhall in Sheffield were respectively ranked third, fourth and fifth most attractive.
Yet despite the success of Westfield’s new opening, the research shows how the recession is having a big impact on the mix of tenants in major shopping centres.
High street chemist Boots is now rated as the leading tenant in UK shopping centres, climbing from third place in the table, and replacing ailing chain Clinton Cards, which dropped from top to 17th position. Struggling computer game retailer Game has also dropped out of the top ten, while new entrants to the top ten include Costa Coffee, Card Factory and Phones 4 U.
Trevor Wood Associates also shows how the recession has taken a toll on the pipeline of new developments, which is at its lowest level since this research was first published in 1998. The retail property research specialist identified just 87 proposed new schemes or major extensions to existing schemes that are thought likely to proceed before the end of 2018.
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