LISTEN: Belfast’s retail offering has made progress since the days of the Good Friday Agreement but further political buy-in will be needed if the city wants to become one of the UK’s top 10 retail destinations, according to Lambert Smith Hampton.
The advisory firm’s, report, Belfast: An Evolution of the Retail Landscape, by Claire Cole, research analyst at LSH Ireland, outlines some of the factors that could accelerate Belfast’s development as a leading UK retail destination, including:
• development of a new cruise ship dock at D3 Belfast Lough;
• proposed Yorkgate Interchange;
• proposed reduction in corporate tax to 12.5% from 2018;
• development of new Grade A office space;
• review of Sunday trading hours;
• increasing the city centre population.
• further development of food and beverage offer;
• resolution of the John Lewis at Sprucefield debate;
• retailers embracing technology to connect with customer; and
• sustainable rental growth.
The report also tracks the changing face of the retail sector in Northern Ireland’s capital from the signing of the Good Friday Agreement in April 1998 to the present day, including the construction of Victoria Square, the arrival of new global brands and the improved tourism offer and new attractions such as Titanic Belfast.
The opening of Ulster University’s Belfast Campus and the expected increase in the number of people living in the city centre over the next decade could boost the retail market.
Cole said: “It is clear that retail in Belfast has wholly improved. It is easy to forget that at the time of the Good Friday Agreement there were very few international brands in Northern Ireland – the likes of Tesco and Sainsbury’s were new arrivals – and key developments such as Victoria Square did not yet exist.
“We’re not at the point where we’re competing with Glasgow, Manchester and Birmingham. Belfast is much smaller and does not yet have the same number and quality of shops, restaurants and leisure attractions.
“But if there’s a joined-up focus on continually improving Belfast’s retail and leisure offer then we are confident that Belfast can make up ground on those larger centres.”
Criona Collins, director of retail at LSH, said: “We should celebrate the success that Belfast has had with an influx of new brands over the past 18 months – names like Skechers, Patisserie Valerie, Greggs, Søstrene Grene and Stradivarius.
“But there is a real and pressing need for a strategy if we are to maintain this progress and we at LSH are pleased that this is now considered a priority by Belfast City Council.”
She added: “Without any further intervention at local and regional government level, the evolution of Belfast’s retail landscape will continue at a gradual pace, but we believe that it is possible to accelerate and enhance the city’s retail offer through a more coherent collaborative effort between commercial property experts, retailers, investors, developers, local businesses and policy makers.”
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