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16 May 2022

Millions of people across the country will benefit from cleaner air and cheaper ways to travel and keep active, thanks to £200 million of government funding for new walking and cycling...

12 May 2022

Local Bike Shop Day 2022 was a great success across the UK, with online platforms thriving as well as a surge in the physical footfall seen in-stores!

12 May 2022

We Can, You Can is a celebration of the many faces of cycling. The way we move is changing. And the people leading the change are like me and you. We can, you can.

10 May 2022

The speech sets out the government’s agenda for the upcoming Parliament, outlining proposed policies and legislation. An overview of the main announcements relevant to independent shops is...

28 Apr 2022

To celebrate Local Bike Shop Day on Saturday 30 April, BetterPoints are offering QUINTUPLE points and the chance to win a £55 bike service by choosing to travel on two...

26 Apr 2022

Wheels for Wellbeing is a Disabled people’s cycling organisation who campaign for equal access to cycling...

26 Apr 2022

The annual celebration of bike shops across the nation is fast approaching! Be sure to pop down to your local bike shop this Saturday to get a taste of the passion, knowledge and personalised...

21 Apr 2022

On Local Bike Shop Day 4 lucky customers that purchase a bike through Cyclescheme will be awarded a £250 cycling voucher for the store they collect the bike from! In addition to offering a...

21 Apr 2022

Cytech are attending the Cycle Show and will be demonstrating key practices in bike maintenance that are useful for both the trade and public. Alongside the show we're offering...

21 Apr 2022

The Scottish Government retail division are looking for input with regards to the recent adaptations in response to the Covid-19 pandemic.

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'Renewed optimism' for UK high streets as demand for retail property rises

Posted on in Business News , Cycles News , Creative News, Outdoor News

Retaihigh streetl Gazette has reported that a rising demand for retail property to be used for leisure and hospitality businesses has given "renewed optimism" for some UK high streets and shopping districts, according to industry experts.

The pressure from lockdown measures saw vacancy rates across shopping destinations hit record highs in the second quarter of 2021, with just over 14% of high street store locations remaining empty during the quarter.

Shopping centres fared even worse, with vacancy levels sitting just under 20%.

Vacancy rates began to level out in the third quarter however, following a surge in interest from firms outside of traditional retail.

The collapse of major brands such as Debenhams and Topshop owner Arcadia at the end of 2020 saw the number of empty sites soar, placing increasing pressure on landlords.

As a result, many property owners have become more flexible and are offering stronger rates in order to attract new brands and businesses.

Chief executive of Retail Economics, Richard Lim, told PA news that potential tenants are "getting the best terms they will have seen for many years".

"You can't help but see renewed optimism when strong retailers are getting plenty of opportunities and landlords are working really hard to ensure their proposition is really relevant," he said.

"There has been a shift in power away from landlords somewhat back towards the retailers and hospitality."

Hugh Knowles, managing director of indoor mini-golf operator Puttshack UK, said the "increased availability" of larger units in attractive locations has also helped the growth of the leisure sector.

"Finding ‘large box' space traditionally hasn't been easy in prior years," he said. "But the increased availability more recently has amplified innovation and as a result we've seen an increase in social entertainment business.

"Customers' expectations will naturally rise, so it's great that retail and leisure can share spaces in well thought out, designed schemes."

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