• Research reveals that UK retail parks will grow faster than high streets to 2022

        • The UK retail parks market is expected to grow by 13.8 per cent between 2017 and 2022, with the sector set to outperform the high street, according to research and consulting firm GlobalData.

          The company’s latest report states that this growth will be driven by new retail parks and extensions of existing ones. Overall, retail parks are becoming more attractive to shoppers as they become less dominated by traditional out-of-town retailers within sectors such as electricals and DIY & gardening, and more by high street retailers in clothing and footwear as well as health and beauty, such as Next and Boots.

          According to GlobalData’s 2,000-respondent survey, 90 per cent of consumers have shopped at a retail park in the last 12 months, with 54.3 per cent visiting at least once a month, illustrating their broad customer appeal.

          Charlotte Pearce, Retail Analyst for GlobalData said, “the retail parks landscape is changing drastically as discounters in particular are rapidly expanding their share of the market. Indeed, retailers such as Aldi, Lidl, Home Bargains, and Poundland have grown their presence, leveraging their low price points to draw in shoppers.

          “Over the next five years, discounters will increase their share of the market by 6 per cent, rising to account for 20.3 per cent of retail park sales. This will demonstrate their ability to attract a broad range of shoppers and generate high footfall.” 

          By contrast, traditional retail park sectors have seen their share of the overall market decrease over the past five years, with electricals’ share falling by 3 percentage points (ppts) and DIY and gardening dropping by 1 ppt, according to GlobalData.

          As such, according to GlobalData, clothing and footwear retailers need to take advantage of the diversification of the retail park tenant mix away from more traditional sectors. Securing openings at new or expanding retail parks will allow a retailer to benefit from first mover advantage by having almost total control of the market at that location, as retailers here do not suffer from the high level of competition seen on high streets and in shopping centres.

          Charlotte added, “despite the clear opportunities offered by retail parks, offline retail remains a challenge as consumers continue to shop online. Retailers must embrace multichannel and support the growth of click and collect in stores, highlighting the convenience of retail park stores for consumers, such as free parking and ease of access.”

        • Stay up to date - Click here and register for FREE OEN online membership and enjoy unlimited access to a host of benefits including the exclusive members area of the website, downloadable business tools, current and back issues archive, priority breaking news alerts, weekly e news summary and the OEN app

        • Related Articles

        • Totality Services marks World Password Day with top tips

          Totality Services marks World Password Day with top tips

          Thursday 6th May 2021 by clareb
          Since 2013, the first Thursday of May each year marks World Password Day, promoting better password habits to stay safe online. With so many people working at home due to the ongoing pandemic, often without the IT support and protection provided...Read More...
          How remote working has changed issues faced by women in the workplace

          How remote working has changed issues faced by women in the workplace

          Wednesday 28th Apr 2021 by clareb
          Research from Yoppie has found that while remote working has improved pressures around appearance and PMS for women within the workplace, issues of fair representation and equal pay remain prevalent.  When surveyed by Yoppie...Read More...
          Half of office workers not confident about returning without vaccinations

          Half of office workers not confident about returning without vaccinations

          Tuesday 27th Apr 2021 by clareb
          Research from Ezra, a provider of digital coaching, has revealed that just half of UK office workers feel confident about returning to work without a full vaccinated workplace.  Ezra’s research found that 80 per cent of UK office wor...Read More...
                • About Us

                  OEN is the leading source of business news and information for buyers of office equipment, supplies and services within mid tier and up sized organisations. Our multi-platform approach delivers relevant, engaging and focussed content via our main printed magazine, bespoke guides and supplements, website, digital editions, apps, and newsletters with an unrivalled reach across the industry. A highly trusted and respected brand for many years, the print version of OEN last year celebrated its Diamond anniversary.

                  For our latest Media packs and more details on our range of services click here

                • View Latest Issue