Richard Saunders, Partner, takes a look at the ‘Retail sales, Great Britain: December 2023’ bulletin posted by the Office for National Statistics.
“The Office for National Statistics report, released on Friday, provide us with a mixed picture. Whilst a number of retailers have already announced bumper months in December, today’s figures show a clear contrast, which will likely be pinned to strained household finances.
Headlines will be ringing the death knell, but it seems apparent that today’s figures are not indicative of the current position of UK retail. Already this year, we have seen Landsec double down on its investment into UK retail, at the same time as key players in market are considering investment into key regional sites, such as Meadowhall. These are game changing scenarios.
If we look over the past few months, inflation is finally steadying, interest rates are expected to drop, footfall is on the rise in city centres, and independent retails are setting out plans to break new ground in the year ahead. The groundswell for 2024 is positive and retail’s trajectory is still looking up”.
Richard Saunders, Partner.
At Hartnell Taylor Cook, we work with the biggest names in retail and leisure, including leading owners and tenants of prime high-street, shopping-centre and retail-park holdings and successful developers. Learn more about what we do, here: https://htc.uk.com/agency/retail-leisure.