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MANCHESTER Cushman & Wakefield Global Cities Retail Guide

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MANCHESTER Cushman & Wakefield Global Cities Retail Guide MANCHESTER Cushman & Wakefield Global Cities Retail Guide 0 Manchester is regarded as the capital of the North West of England and is synonymous with a long history in the textile industry. This has more recently been replaced by an association with a vibrant music and sporting scene, but more importantly is underpinned by a strong employment base in the financial, services and media industries. Manchester’s key geographical location provides access to a substantial urban residential population and continues to attract inward investment to the city. The new Media City at Salford Quays has provided a huge boost to the media industry in the city, boosting Manchester’s attractiveness as a destination for a highly educated workforce. Manchester has continued to evolve its retail and leisure offer with landmark developments such as Spinningfields and NOMA, ensuring it will continue to compete with Glasgow and Birmingham to become the premier retail destination in the UK outside of London. In addition the city has invested further in transport infrastructure with both the Metrolink services to the Media City development and to Manchester International Airport line now completed. Further improvements to create a 1.3 km second city crossing and a new station at Exchange Square in the city MANCHESTER centre opened in 2017 and has resulted in the largest tram network in the UK. Work is underway to create a new line to the Trafford Centre at a cost of £350 million, creating six new OVERVIEW stops, with the proposed route going through Trafford Park and including a stop at the Imperial War Museum. 1 Cushman & Wakefield | Manchester | 2019 MANCHESTER KEY RETAIL STREETS & AREAS NORTHERN QUARTER/ ANCOATS KING STREET/ST ANN'S SQUARE The Northern Quarter and Ancoats are together, the King Street and St. Ann's Square remain key footfall creative heart of Manchester and are primarily associated routes in the city centre, linking Market Street with the with restaurants and bars. The area provides a wide array former House of Fraser department store. King Street has of independent shops that reflect the shoppers and recently attracted premium retailers such as Jigsaw, visitors it attracts. The retail offer includes Affleck’s Hobbs, TM Lewin, Charlie Tyrwhitt and The White Palace; a former department store which now houses an Company which contributed to the draw of the street. indoor market on multiple levels. Mackie Mayor opened in 2017 and is run by the people behind Altrincham market. SPINNINGFIELDS This area provides a mixed use of retail, leisure and office NEW CATHEDRAL STREET space. The retail element is anchored by The Avenue New Cathedral Street is a new pedestrianised luxury and development, which includes a number of high end luxury premium retail destination which runs between Exchange and premium retailers such as Emporio Armani, Mulberry Square and St Ann’s Square. Luxury retailers in and Flannels. Recent additions to the leisure element occupation along the street include Harvey Nichols, Hugo include The Ivy Restaurant, who have announced Boss, Ted Baker, Burberry and Reiss. The scheme expansion plans throughout the UK. completed the city’s regeneration following the 1996 bombing. MARKET STREET/ CORPORATION STREET Market Street represents the central retail district of Manchester, providing a wide range of UK and international multiple retailers that appeal to the mass market. Selfridges department store is located close by on Corporation Street and has undergone a £20 million refurbishment. The Arndale Centre is one of the UK's largest inner city shopping centres, with the main entrance off Market Street. 2 Cushman & Wakefield | Manchester | 2019 MANCHESTER MARKET OVERVIEW KEY AREAS/ STREETS CONSUMER PROFILE MAJOR RETAILERS PRESENT TYPICAL RENT FOR RANGE OF UNIT UNIT OF 2,000 SQFT SIZES SQFT Market Street / Arndale Centre Tourists and local mass market TK Maxx, H&M, HMV, Primark, £275,000 500 - 40,000 sqft shoppers Debenhams, All Saints, Urban Outfitters, Foot Locker, Topman, Aspecto, Thomas Sabo, Vans and Size. King Street Premium higher spending Belstaff, Diesel, Crombie, TM Lewin, £125,000 800 - 4,000 sqft shoppers White Stuff, Jigsaw, Hobbs, Rapha New Cathedral Street Premium higher spending Harvey Nichols, Reiss, Zara, Ted Baker, £220,000 1,500 - 95,000 sqft shoppers Burberry and Hugo Boss. Spinningfields Urban professionals and luxury Flannels, TM Lewin £100,000 750 - 7,500 sqft brand shoppers Northern Quarter/ Ancoats Shoppers looking for Affleck’s Palace, Carhart, Piccadilly £50,000 500 - 35,000 sqft independent retail offer Records 3 Cushman & Wakefield | Manchester | 2019 MANCHESTER SHOPPING CENTRES THE ARNDALE CENTRE THE CORN EXCHANGE The Manchester Arndale attracts over 42 million visitors The Corn Exchange is located in Exchange Square, in the every year, the highest footfall of any inner city centre, heart of the city’s bustling retail hub which attracts over 40 and is currently home to 1.6 million sq ft of retail space. million visitors per year. There are currently plans to create a brand new £11 It is also part of Manchester’s Medieval Quarter, which will million food quarter, ‘Halle Place’, further diversifying the benefit from a £10 million investment in the coming years area from a traditional retail location. This will be home to to improve public areas around the Cathedral and its ten big name restaurants, as well as a café. gardens, Chetham’s school and library, and walkways from Victoria Station. THE PRINTWORKS INTU TRAFFORD CENTRE The scheme is home to a 20-screen Odeon cinema, Intu Trafford Centre is a major retail and leisure which houses an IMAX screen. There are 17 food and destination of some 180,000 sq m located approximately drink venues, including brands such as Tiger Tiger, Hard 4 miles to the south west of Manchester. It hosts several Rock Café, Yates, Wetherspoons, Wagamama and department stores; John Lewis, Marks & Spencer, Nandos, together with a health club. Debenhams and Selfridges, and popular brands such as The venue has an annual footfall of over 7 million people, Apple, Abercrombie & Fitch, Victoria’s Secret, H&M, Zara, and generates a net annual income of £6.75 million, with Next, River Island, JD, Russell & Bromley. The centre the large majority of the income secured to national also has one of Europe's largest food courts, The multiple covenants. Orient, and one of the UK's busiest cinemas (Odeon with IMAX VR), attracting more than 30 million visitors annually. The food & beverage offer is extensive with popular eateries such as Five Guys, Bill’s Produce, Nando’s, Wagamama’s, McDonalds, East Street, Costa Coffee, Gourmet Burger Kitchen, Leon and many others. Besides the cinema there are other leisure uses including a Lego Discovery Centre, NAMCO Funscape, Paradise Island Adventure Golf and Sea Life Manchester. Cushman & Wakefield | Manchester | 2019 4 MANCHESTER MARKET OVERVIEW KEY SHOPPING CONSUMER PROFILE MAJOR RETAILERS PRESENT TYPICAL RENT FOR RANGE OF UNIT CENTERS UNIT OF 2000 SQFT SIZES SQFT Arndale Centre Tourists and local mass market TK Maxx, H&M, HMV, Primark, Debenhams, £125,000+ p.a. 500 - 40,000 sqft shoppers All Saints, Urban Outfitters, Foot Locker, Topman, Thomas Sabo, Vans and Size. The Printworks Local mass market shoppers Hardrock Café, Nuffield Health, Nandos, £70,000+ p.a. 800 - 4,000 sqft Wagamama, Tiger Tiger The Corn Exchange Premium higher spending Mowgli, Alston, Cabana, Pho, Vapiano, £50,000+ p.a. 500 – 20,000 sqft shoppers Banyan intu Trafford Centre Premium higher spending Selfridges, Abercrombie & Fitch, John Lewis, £220,000+ p.a. 500 – 40,000 sqft shoppers Victoria’s Secret, Next, H&M, Zara, JD, Superdry, Apple, Marks & Spencer and Debenhams. 5 Cushman & Wakefield | Manchester | 2019 DEVELOPMENT TO WATCH OUT FOR CENTRE NAME Circle Square Total Scheme Size c. 1.5m sqft+ - Retail c. 100,000 sqft Planned Opening Date Q1 2022 Consumer Profile Urban professionals, students and luxury brand shoppers Owner Bruntwood/ Select Property Group ABOUT THE DEVELOPMENT The masterplan for the site includes a total of 1.2m sqft of commercial office space, 1,700 new homes and 100,000 sqft of ground floor retail and leisure space for shops, MANCHESTER studios, bars and restaurants. A multi-storey car park and two hotels will provide additional amenity to the site and the 250,000 sqft of beautifully designed public realm will NEW DEVELOPMENT bring much needed green space to the city WATCH 6 Cushman & Wakefield | Manchester | 2019 MANCHESTER FOOD & BEVERAGE Manchester has a wide array of The Printworks to the north of the Arndale Centre is a dedicated leisure development that provides a wide range dining and drinking options. New of food and beverage chain operators, close to the city schemes in the city centre such as the centre. Avenue in Spinningfields and the The Corn Exchange is located off Cathedral Street and in proposed new NOMA development close proximity to The Printworks. The Grade II listed have made leisure an integral building is being refurbished to provide leisure space for restaurant and bar operators. Set in a refurbished grade II component of the overall offer for listed building it offers a range of premium shops and consumers. dining options for nearby shoppers and office workers. Manchester also has a renowned concentration of south Asian cuisine, centred in Rusholme, in what is known locally as “The Curry Mile.” 7 Cushman & Wakefield | Manchester | 2019 MANCHESTER FOOD & BEVERAGE KEY AREAS CONSUMER PROFILE FOOD & BEVERAGE RENT FOR 3500 OPERATOR
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