Wednesday, 07 December 2016 News

10 years in Belfast prime retail pitch

10 years in Belfast prime retail pitch

At this time of year, it is always use full to look back at the year for retail property to date.

This year we decided to look back a little further, 10 years in fact.

We had a quick look at some key street, to see what has changed, namely Donegall Belfast, Castle Lane, Cornmarket, Arthur Street and Ann street.

It was interesting to see, in a brief snap view of 2006, 33 occupiers that were in the above streets are no longer trading and the streets have seen 23 new occupiers.

The last decade has seen the closure of brands and stores such as BHS, Littlewoods, Barratts, D2, The Link, Birthdays, Graham Tiso, Millets, French Connection, Paul Rankin, Benneton, Index, Gino and HPJ Jewellers to name a few.  All have their own story on closure.

A snap view of 2016 sees new occupiers such as Greggs, Cotswold, Patsserie Valerine, Stradivarious, Joules, Cath Kidson, Jack Wills, Paperchase, Little Wings, Trespass, Dr Martins, Pandora and Tiger to name some.

New brands to NI, relocation's, liquidations, mergers, recession, changing business practises, changing customer habits, major development in the city ( Victoria Square ), property tax reductions and other factors, all add to the mix of why our street change.

While retail property is seen as a slow moving market by some, when look over a long period, you can see just how much has changed and this is one of the reasons why Murphy love this evolving and changing sector.

As our retail habits change due to the influence of technology and how we wish to spend our time in the urban areas we live and work in, I am sure in another 10 years these street will be very different again.

If I had a crystal ball, I could try to predict the future, however I prefer to wait an see how society and business develops and will change over the next 10 years.

If you could benefit from Murphy's knowledge and experience then give us a call, others have.....