Trevor Wood Associates reveals latest shopping centre rankings

Trevor Wood Associates has launched the latest edition of ‘Going Shopping 2016 – The Definitive Guide to Shopping Centres’ and revealed that larger shopping centres are not always considered the most attractive to shoppers, retailers and investors. The research has revealed that whilst South East shopping centres Westfield Stratford City, Bluewater and Westfield London sit at the top of the table, the North of England has two schemes in the top 20 with intu Metrocentre in 4th place and intu Eldon Square moving up one place to 16th. Interestingly however, eighteen of the UK’s 100 largest schemes do not feature in the top 100 at all.

The research, published annually, also found that there has been significant movement in shopping centre ownership and there are 14 additional schemes or major extensions in the pipeline, perhaps reflecting improving market conditions.

The research, which examines all 764 shopping centres in the UK, found that nationally there have been: 17 positional changes in the top 20 owners/investment managers; 15 changes in the top 20 managing agents table; 13 changes in the top 20 letting agents; 9 within the top 20 centres; and 34 changes in the top 40 tenants.

Trevor Wood of Trevor Wood associates comments, “Once again, there were no new entries to the top twenty, although six centres in the top thirty move up one place. Some large schemes are considered less attractive as they may be open to the elements or have little or no integral parking provision. Other schemes over 100,000 sq ft may have many vacant units or are dominated by low turnover or local retailers, who are less likely to generate significant pedestrian flows.

“Over 55% of the schemes in the top 500 recorded lower scores this time, for the third review in a row, while some of the highest increases were recorded by redeveloped, refurbished or extended schemes such as intu Potteries and Southside. As before there is still very much a premier division of shopping centres leading the way and this year we have added Trinity Leeds and Silverburn to the list of 29 supercentres.”

intu has retained its position as the leading owner/investment manager in the North of England, with LaSalle Investment Management in second and New River Retail in third, with 26 schemes including four in the top 200.

In the North of England there is a significant variation from the national picture in terms of top letting and managing agents. @retail and Lunson Mitchenall have held on to the top two positions (@retail is ranked 25th nationally). Fawley Watson Booth is in 3rd place (24th across UK). Workman has replaced JLL as the number one managing agent in the North of England, with CBRE in third.

EE remains the leading shopping centre tenant, Card Factory has moved up the table and Vodafone has entered the top 10, replacing Clintons. In total there were 34 positional changes in the top forty, with a new entry – Warren James – replacing Marks & Spencer.