UK sees rise in new retail store openings
The retail industry within the United Kingdom has seen its share of ups and downs recently. Fluctuating sales, lagging consumer spending and colder weather are all factors that have contributed to less-than-stellar sales during the past few months. However, conditions could be improving, as recent data has shown that merchants are increasingly opening up new storefronts throughout the nation.
The Telegraph reported that shopping centres across the U.K. are finally under development following several pauses due to the country's struggling economy. Many cities are seeing new storefronts pop up in various complexes, including London, Leeds, Oxford and Glasgow, the source explained. The U.K. capital is experiencing its highest number of current retail developments in years as plans get back on track.
"Development activity in London and the South East began to lift markedly a year or so ago," Mark Disney, head of shopping centre development and leasing at property agent CBRE, told the source. "Now, finally, we are beginning to see some signs of recovery in the major metropolitan centres as well. The major retail developers are all working on schemes either to extend and refurbish their existing centres or to develop new ones."
