Brighton City Centre/BID Health Check January 2015
National Vacancy Rate Average The Local Data Company Jan 2015 12.3% BRC / Springboard Aug 2013 10.3% Vacancy Rates
Inflation is currently at an historic all-time low of just 0.5%. The Bank of England has signalled that rates won’t rise for the foreseeable future and their current economic forecasts put GDP to continue to grow in 2015 by as much as 3.5%. All this after a rise in GDP during 2014 of 2.6%1.
Locally, the latest data from Brighton city centre, shows more good news with a drop in current vacant retail units.
The total number of vacant units in the Business Improvement District (BID) area remained at their lowest level in five years at 5.01%. Conversely, the wider city centre vacancy rates, continued to decrease, dropping from 4.98% to 4.65% during the period May 2014 – Jan 2015.
City Centre Comparisons
The last six months saw the independent retail sector in the city centre remain at 71% of the available units, with the multiples making up 29% of the overall offer. The BID increased its independent offer, rising by 1% to 70%. *National Average = 68% (source - BBC Online)
Independent An independent retailer is defined as a single trading company with less than 9 separate outlets Multiple A multiple retailer is defined as being part of a network of nine or more outlets
1 Source - The National Institute of Economic and Social Research (NIESR) The Breakdown
The area given over to comparisons goods2 retail in wider city centre has risen 1% since May 2014 to 50%. In the BID area, Comparison goods outlets remained constant at 53% for the past year. ‘Leisure Services’3 in the city centre stayed static at 31% of outlets with the BID area continuing a slow increase in the sector of 1% to bring it up to 30% of businesses.
From May 2014 to January 2015, the city’s ‘Retail Service’4 sector remained constant at 7%. In the BID area, it increased 1% to 8%. The data charts below outline the overall sector spread in both the BID area and city centre as a whole.
For a sector breakdown please see appendix 2.
2 ‘Comparison goods’ are essentially dry goods that consumers would ‘compare’ prices before buying.
3 ‘Leisure Services’ account for Public Houses, Restaurants, Coffee Shops, Bookmakers, Cinemas etc
4 ‘Retail services’ are Dry Cleaners, Hairdressers, Beauticians, Travel Agents etc Appendix 1: Yearly Comparisons
May 2014 Graphs and Charts January 2015 Graphs and Charts
Appendix 2: Retail Categories
Category Business Type Comparison Clothes, Appliances, Dry Goods etc Convenience Food, Newsagents, Supermarkets etc Financial & Business Banks, Estate Agents, Solicitors etc Services Leisure Services Public Houses, Restaurants, Coffee Shops, Bookmakers, Cinemas etc Other Offices, Residential etc Public Service Doctors, Dentists, Advice Centres, Job Centres etc Retail Service Dry Cleaners, Hairdressers, Beauticians, Travel Agents etc Transport Service Taxi Services, Car Parking, Garages etc
Background Information
The Brighton City Centre Health Check has been produced by the city’s Business Improvement District – Brilliant Brighton
On the 1st July 2011 Brilliant Brighton came in to being. It will last for 5 years until 2016 and now encompasses 517 city centre retail and hospitality businesses. The BID covers Western Road, Preston Street, North Street and parts of both The Lanes and The North Laine.
Over the next 5 years nearly £1.8m will be invested in Brighton city centre by its traders, for more information on the BID you can look at the business plan. The Brighton BID was formed to create a thriving, safe, clean and vibrant city centre that residents and visitors want to come back to time and time again. Brilliant Brighton will focus on creating a safer environment for visitors, producing exciting Christmas light displays and dressing the city for summer with hanging baskets and bunting.
Brilliant Brighton www.brilliantbrighton.com 8-11 Pavilion Buildings [email protected] Castle Square twitter: @brillbrighton Brighton 01273 735442 BN1 1EE