Retail Market Update
Tue 29 Aug 2017
Every year since the explosion of the internet and online shopping in the late 90s / early 2000’s many industry pundits keep proclaiming that the High Street is dead. The retail market in Leicester is a bit more resilient, and although there was a quiet period following the credit crunch, we have noticed a lot more activity in the last 12-15 months, resulting in many more properties being let. Of course it is crucial that any agent you appoint has got their pulse on the market and is able to structure deals in such a way that are acceptable to both parties.
Although some sectors have gone online, there are some industries such as food, hair and beauty, tailors, accountants, launderettes, solicitors, etc that still require a high street presence. Most of the lettings and enquiries we have had over the last year have been from these aforementioned industries.
One of the key findings is that the so called me too businesses are no longer going to cut it. Traditionally, somebody would open a business with very little barriers to entry, and as soon as they started doing well, copycat businesses would open up. Nowadays, competition is very fierce and to stand out and do well, you have to be different. That may involve a unique fitout, aggressive branding through SEO or even a brand new concept.
With regards to the levels of rent, these have started to go up. Landlords, if you have got a rent review or lease renewal coming up, why not let Seths handle it as we have been very successful in increasing rents over the past year. Looking at a typical rent review case, where the rent was last increased say 3 to 5 years ago, we have seen increases of between 15 to 18%.
If you have a rental property that is currently vacant, and require marketing advice, or you are a landlord and tenant that requires rent review advice, please feel free to call me on 0116 273 9090 or email me directly firstname.lastname@example.org
Thanks for reading.