2021-11-08-莱坊-Retail_News_Issue_7_The_High_Street_19页_4mb

报告摘要

High Street Retail Analysis Summary

High streets are evolving rather than dying, adapting to changing consumer habits and competition from online retail. Key findings include:

Market Dynamics: Occupier demand is highly selective, with investors favoring well-let prime units. Secondary markets offer value opportunities, but high streets vary greatly by location, catchment, and retail mix.
Investment Trends: Post-Brexit, high street investment saw record volumes, with prime yields reaching 20-year lows (4%). Interest in towns offering good local demographics and a strategic mix between retail, leisure, and service provision is strong.
Regional Insights: Top performers include Cambridge, Bath, Guildford, Chichester, Cheltenham, Brighton, and major cities. “Good Secondary” towns like Swindon, Peterborough, and Staines are emerging, while caution is advised in declining secondary towns.
Opportunities: Key areas include historic/picturesque destinations, affluent market towns, major cities, and under-the-radar centres. Non-traditional operators (e.g., pure-play online retailers) are also increasing in demand. Low capital expenditure and high liquidity in high street retail assets make it an attractive segment post-Referendum.
Recommendations: Focus on well-positioned locations with strong covenants, good re-let prospects, and a diversified mix. Timing is key—early exits may be beneficial in weaker towns or regions.