South-West retail jobs boost (From Bridgwater Mercury)

South-West retail jobs boost

9:00am Thursday 18th February 2010 in

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RETAIL jobs in the South West could be in for a boost this year according to a Bristol property consultant.

Agents King Sturge says half the empty shops on one of the West’s typical High Streets could be open for business and trading again by the end of the year.

James Woodard, a senior associate in the retail team at the firm’s Bristol office, said: “Overall vacancy rates may have risen as high as 20% during 2009 but we predict they will be as low as 10-12% by the end of 2010.

“Retailers have been through a very difficult period, particularly the moment 12 months ago when there was a big shake-out - most notably Woolworths closed around 800 stores, leaving some very big holes in the High Street.

“A number of retailers remain vulnerable and further casualties are to be expected in the coming months – but crucially, not on a similar scale to the period when high-profile casualties included Borders and First Quench.”

Mr Woodard told the firm’s annual media briefing in Bristol that he expects tenant-friendly deals to play a major part in the High Street recovery.

“Certainly at the moment there are still excellent packages available to retailers and there are retailers who will be deal-led,” he said.

Demand would be led by convenience stores which are the most acquisitive sector of the market, he predicted.

“Tesco is planning to continue its aggressive programme and Sainsbury’s is now looking to try and catch up. At the same time Waitrose has confirmed it will be entering this sector with ten convenience stores nationally, in 2010.

“Discount retailers also continue to plug gaps with Poundland seeking 50 new stores this year – and I expect other retailers to optimise their portfolios even if they are not aggressively acquiring.”

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