Positive Signs in Southampton’s Retail Market

3 June 2011

2011 was forecast to be a challenging year for the retail sector with the cuts in government spending and pessimistic economic forecasts. Goadsby however have noticed an increase in demand for retail space in and around Southampton.
In areas such as Portswood, Romsey and Chandlers Ford there has traditionally been strong levels of demand and low vacancy rates and these trends continue. Goadsby have also agreed a number of deals in what have been seen as some of Southampton’s weaker retail locations.

Occupiers are looking to take advantage of competitive rents and less onerous lease lengths as landlords look to offload their rates liability by offering more flexibility. Amongst others Goadsby have agreed a number of deals recently in Woolston, which is perceived as one of Southampton’s a improving Southampton suburb buoyed by the impending arrival of the Centenary Quay development.
In Southampton as a whole, interest is from both national and local occupiers with Goadsby agreeing a number of deals to retailers including Dominos Pizza, Cheque Centre, O2 and Barnardos.

Alex Hirst of Goadsby says-
“Charity shops, major take-away chains and convenience stores are very active in the current market filling the voids that traditional high street retails have left behind.

Having said that, there is still a robust demand from ‘traditional’ retail users looking to obtain space in the Prime retail pitch in Southampton. We have seen this in the enquiries we have received for the new retail units below Premier Inn opposite West Quay which Goadsby were instructed to market as joint agents with national firm Gerald Eve”

On a general note, it is encouraging to see both national and local companies stepping back into the market, let’s hope this trend continues moving forward”

For further information:

Contact: Goadsby team
Tel: 023 8022 7337
Web:www.goadsby.com