Restaurant market slowing down in Yorkshire

05 July 2017 by
Restaurant market slowing down in Yorkshire

New statistics suggest that the restaurant market has cooled in the Yorkshire and Humberside region as operators are becoming increasingly cautious.

The Midsummer Retail Report 2017 from global real estate advisor, Colliers International, focuses on issues affecting the retail sector and predicts trends for the future.

The report also found that the food and beverage (F&B) offering within leisure parks and shopping centres are more resilient than the high street due to their round-the-clock footfall.

It claims that Yorkshire is seeing less demand for prime restaurant units paying £175,000 per year or more for 3,000-3,500 sq ft.

However, restaurant units costing £100,000-£120,000 a year to rent are in demand.

Tom Cullen, director of retail agency north, in Colliers International's Leeds office said: "The market has changed; where once operators would be confident in taking out 25 year leases, more and more are now negotiating five-year break clauses into their contracts to future-proof their business."

During the past year, there has been a push towards flagship deals by bigger retailers in cities across the Yorkshire and Humberside regions. More than 500,000 sq ft of shopping centre space opened in Yorkshire and Humberside in 2016, and a further 1.5 million sq ft is expected to open over the next five years.

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