Current National Retail Market
Presented by Angus Stenhouse - Senior Portfolio Manager, Aberdeen Standard Investments
- Brighton & Hove has become a major player in the overseas retail market.
- Retail needs to become about more than just shopping with a focus on place-making.
- The sales growth that is occurring is online, however it is harder to achieve brand value if solely online and a lot of online retailers are now also moving onto the high street.
- Since Brexi, Britain is being seen as a more costly and uncertain place to trade. European brands are rationalising the number of UK stores to have fewer larger stores in order to achieve economies of scale.
- The expansion of Churchill Square aims to meet the need for a whole day out type of approach with a combined offer and marketing the city as a destination. Retailers in the Lanes and North Laine aren't targeted for Churchill Square as they are unique and there already appears to be a good cross-over of visitors going to both.
- Concern that better infrastructure is required as the journey in and out of the city is difficult.
- Brighton & Hove City Council is currently developing a new Visitor Economy Strategy and part of this is focused on handling destination management. This provides an opportunity to think about how Brighton & Hove is promoted as a destination and the role of getting the correct balance between areas.