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CABOT CIRCUS OPENING WILL PUT BRISTOL INTO THE UK’S RETAIL TOP 10, SAYS KING STURGE

Cribbs Causeway and Park Street also playing their part in shopping success story - as spa destination boosts Bath‘s retail scene

Most regional retailers equipped to survive the “credit crunch”, says King Sturge expert 

Bristol will be catapulted into the UK‘s Top 10 retail league table with the opening of Cabot Circus this year - but this will not damage the viability of the city‘s existing shopping destinations.

Stephen Jones, retail partner in the Bristol office of King Sturge, and Mike McElhinney, partner in charge at the firm‘s Bath office, told the firm‘s annual media briefing that the sector in the South West was well-placed to ride out “the credit crunch,” with Bath in particular, continuing to attract a raft of new retailers.

“With fewer than 170 days to go until it opens, Cabot Circus is already 70 per cent let,” said Stephen Jones.

“When Cabot Circus opens, Bristol will take its rightful place in the UK‘s Top 10 shopping destinations, and while there will inevitably be some initial effect on footfall at The Mall at Cribbs Causeway, the two destinations will be able to happily co-exist.

“This year sees The Mall‘s tenth birthday and with it, the refurbishment of its John Lewis store and the food area. In addition, one of Bristol‘s historic shopping quarters, Park Street, is undergoing a renaissance. Rents there have risen 25 per cent and names such as LK Bennett and Cath Kitson have been added to the mix.”    

Mr Jones said Cabot Circus was the latest stage in a regional “retail renaissance” which began with the opening of Drake Circus in Plymouth and was followed by Princesshay in Exeter, and will be continued next year by the opening of the revamped SouthGate centre in Bath.

“Bath is a real success story at the moment, with rents at record levels and retailers being attracted in growing numbers, encouraged by the success of Thermae Bath Spa in boosting visitor numbers,” added Mike McElhinney.

“New retailers in the city include Ted Baker, Reiss, White Stuff, Fenn Wright Manson, Sweaty Betty and Champneys, while Hobbs and Jigsaw have both moved to new and larger stores.

“Of course the sector as a whole is under pressure with the onset of the ‘credit crunch,‘ but I believe that the vast majority of retailers in the South West will ride out the current turbulence.

“While the ‘quality‘ and ‘value‘ ends of the market are continuing to thrive, if anything it will be the ‘middle market‘ retailers who will increasingly feel the squeeze, as they are under the most intense pressure from the supermarkets.” 

ENDS             10th April 2008

For further information please contact Neil Fraser, Sturgess Van Damme, on 01275 349011 or email neil@sturgessvandamme.co.uk

Notes to editors

King Sturge is one of the largest international property consultancies in Europe (52 offices in 17 countries), with a comprehensive network of over 165 wholly owned and associated offices throughout the world.  Over 3,800 staff throughout these offices cover all property sectors and specialisms, including plant and machinery.  In Europe, King Sturge operates in principal mainland European cities.

In Asia Pacific, King Sturge has associations in Australia, Indonesia, Malaysia, New Zealand and Singapore.

In North America, King Sturge has business partners in the Americas and Canada through King Sturge CORFAC International.