Retailers Move Away From London’s Central Shopping Streets As Rate Rises Bite
Retailers are moving away from some of London’s most famous shopping streets amid spiraling costs, putting property values at risk, Deutsche Bank’s asset management division has warned. Affordability for retailers in the capital is “increasingly stretched”, with brands, particularly those at the luxury end, “reassessing the value of a high-end store”, Deutsche Asset Management said on Wednesday. This is likely to hit rents for the shops, potentially forcing down values as the wider property sector weakens. “Prime high street retail rents in central London are at considerable risk of decline,” it said. Simon Wallace, Deutsche Asset Management’s head of research for Europe, said retailers were increasingly looking away from traditional shopping areas such as Bond Street and towards more affordable options in areas such as Seven Dials, near Covent Garden. Read more at The Telegraph.
