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Is the Broadmarsh effect gripping city retailers?
(From Nottingham Evening Post)
Retailers are holding back from making long-term commitments to existing shopping centres, with property agents speculating that they may be waiting for the new Broadmarsh to be built.
The GBP450m redevelopment has been in the wings for years, but with inquiries into compulsory purchase orders around the site beginning agents and retailers are beginning to focus on when the redevelopment will begin.
This week, the city's leading retail agency, Fisher Hargreaves Proctor, released figures which suggest vacancy rates are growing in the city's two shopping centres.
The FHP report shows that there are now 16 units vacant in Victoria Centre, Broadmarsh Centre, Exchange Arcade, Flying Horse Walk and West End Arcade, and a further six available by way of assignment.
In the first six months of the year, the vacancy rate in Nottingham's shopping centres has risen from 3.93% to 6.2%.
FHP's Ben Tebbutt said: "The Victoria Centre now has the same number of units available as the Broadmarsh Centre.
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