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East Anglia's shopping centres improve in recession

wantspacegotspace.co.uk - Peterborough shopping, Norwich Shopping, Cambridge Shopping - East Anglia's shopping centres improve in recessionEast Anglia’s three most attractive shopping centres have improved their offer in spite of tough trading conditions and rival schemes openings, new research reveals.

Trevor Wood Associates has published the latest edition of its regular report Going Shopping – The Definitive Guide to Shopping Centres. This report ranks Britain’s top 500 shopping centres on their overall attractiveness to customers, based on factors including their size, tenants, weekly footfall and other facilities.

East Anglia’s top shopping centre Queensgate, in Peterborough, owned by Hammerson, has been named the UK’s 32nd most attractive shopping centre, a position it retains from the 2011 report but lower than the 22nd it achieved in 2008 at the tail end of the economic boom. It retained its position in spite of new openings and slightly improved its overall attractiveness despite tough conditions.

Other shopping centres in East Anglia covered in the report include Norwich’s Chapelfield, which has risen three places to 65th; and Grand Arcade in Cambridge, which went up 11 places to 102nd. However, Ipswich’s Buttermarket Shopping Centre fell 17 places to 307th.

Across the whole of the UK, 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 piece of research was first published in 1998. The retail property specialist identified just 87 proposed new schemes or major extensions to existing schemes that are thought likely to proceed before the end of 2019.

These include the proposed 500,000 sq ft Mint Quarter in Ipswich, which is being planned by Shearer Property Group and National Car Parks. The scheme is due to complete in 2015, but work is unlikely to start until the scheme can find an anchor tenant.

Posted by The Editor (wantspacegotspace) on 19th November 2012 (updated 21/11/2012)

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