The Changing Face of Britain's High Streets

06-12-2022

On 6 December 2022 the BBC, in conjunction with Ordinance Survey, released the results of a nationwide study in to the changing face of Britain’s high streets.

Please follow this link: https://www.bbc.co.uk/news/uk-63799670

The headline issues are not surprising in that banks and large retail outlets fell in number, whilst nail bars and coffee shops rose.

‘The findings illustrate the changing face of the British High Street from a place to buy things to a place to do stuff - like get your nails done and meet friends for a coffee or a cocktail’.

So how does this affect you?  The link above allows you to enter a postcode and see how that particular locality has changed over the period from March 2020 to March 2022.

We used Bispham as an example and the data shows:

• Beauty services: 19% increase
• Cafes: 27% increase
• Clothes shops: no change
• Fast food: 9% increase
• Pubs and bars: 16% increase
• Restaurants: 4% decrease

This data can be used for investors, current landlords and potential tenants.

If a landlord has a unit about to become vacant they might decide to open up the floor space to provide for a café or a pub; depending on the size of the unit they might choose to leave partition walls in place to perhaps cater for a beauty salon’s consulting rooms.  The point is the data will be specific to each property and its location and floor plan.  Sometimes the obvious answer will be to do nothing and see how the market reacts.

In this example the findings would suggest a good solid area for investment in commercial property, both as a new landlord, owner occupier or tenant. 

You might say that the survey doesn’t tell you anything that you don’t already know if you are already knowledgeable about an area.  However, the St Anne’s data shows:

• Beauty services: 2% decrease
• Cafes: 6% decrease
• Clothes shops: 5% increase
• Fast food: 6% increase
• Pubs and bars: 33% increase
• Restaurants: 4% increase

A significant difference in cafés and pubs and bars over a 7 mile stretch of coastline might prompt an investor to think about a late night licence in St Anne’s rather than Bispham – then again we’ve seen those come and go many times before.

The findings are interesting and informative, and supplement Kays’ 70+ years of commercial property experience on The Fylde Coast.