Survey shows size of local retail economy.
Birmingham has maintained its top three position in the 2013 UK retail revenue league table, according to new figures released today by Callcredit Information Group.
Callcredit’s 2013 RetailVision report shows that Birmingham has retained its 3rd position in the national rankings, based on its retail revenues of £882m from fashion, homeware/DIY and electrical products, behind Oxford Street and Manchester.
The RetailVision Report uses data from over 17,000 retail centres across the UK – including town centres, shopping centres and retail parks to provide a detailed picture of the UK’s retail landscape.
This year the report shows that the UK’s largest retail destinations continue to maintain retail revenues, against a backdrop of increasing competition from online retailers and pro-longed tough trading conditions.
Major retail centres have further cemented their regional dominance and have put more downward pressure on the surrounding smaller towns and local shopping centres across the UK, where revenues have started to see some decline. These smaller retail destinations will have to work hard to stimulate footfall and establish their identity to attract shoppers.
Chris Duley, Director at Callcredit’s GMAP Retail Planning team commented “Our latest retail reports highlights the opportunities and challenges faced by retail centres up and down the UK. Successful national and international retailers are continuing to extend their store footprint but the wider retail environment needs to be right to attract shoppers. The big centres can offer this; the question is can the smaller centres offer this too”
Chris concluded “In the current difficult economic climate we believe that RetailVision’s comprehensive and multi-dimensional approach can help retailers, brands, property companies and town/shopping centre managers alike in identifying and implementing the right location strategies, and thus helping them derive maximum returns from their bricks and mortar investment”