Make an enquiry

    Enquiry Form









    Contact

      Enquiry Form






      Supporting Document


      We are welcoming clients back to our offices Find Out More
      FJG Solicitors in Essex, Colchester, Chelmsford, London – Fisher Jones Greenwood
      • 0845 543 5700
      • [email protected]
      • Make an enquiry
      • Online Payment
      • Home
      • Services
        • Services for you
          • Advocacy
          • Civil & Commercial Disputes
          • Clinical and Medical Negligence
          • Conveyancing
          • Employment Law
          • Family Law
          • Children Law
          • Immigration & Visas
          • Notary Services
          • Personal Injury
          • Wills, Life Planning & Probate
        • Services for business
          • Academies Portal
          • Agricultural and Rural
          • Business Immigration
          • Commercial Dispute Resolution
          • Commercial Litigation
          • Professional Negligence
          • Commercial Property
          • Construction Law
          • Planning Consultancy
          • Corporate and Commercial
          • Education Services
          • Employment Law
          • Healthcare Services
          • International Services
          • Landlord & Tenant Services
        • Services by sector
          • Agriculture & Estates
          • Care Homes
          • Charities & Social Enterprise
          • Construction
          • Education Law
          • Energy
          • Family Owned Business
          • Healthcare & Dentistry
      • Our people
      • About us
        • CSR
        • Awards
        • Our Vision
        • Accessibility
        • Careers
        • Work Experience
        • Equality & Diversity
        • FLOCC
        • FJG Foundation
        • SAFE Forum
      • News, Events & Insights
      • Blog
      • Podcasts
      • Contact us
        • Colchester
        • Chelmsford
        • Clacton-on-Sea
        • Billericay
        • Braintree
        • Frinton-on-Sea
        • Holland-on-Sea
        • London

      High Street shopping a gloomy experience?

      7 May 2019 by Ellen Petersen

      Ellen Petersen
      ornate street lamp against blue sky and clouds

      Is High Street shopping now a gloomy experience? By its trading update for the period from 1st January 2019 to 2nd May 2019, Intu group (owner of the Lakeside and Trafford Centre shopping centres), has cut its forecast for rental income, blaming the retail downturn. In February 2019, Intu had said it expected rental income to drop by 1-2%. Now however, Intu has said that like-for-like rental income for the year would fall by between 4-6%.

      The Intu trading update says that operational performance in the quarter has been stable. However, it expects “the remainder of 2019 to be challenging due to a higher than expected level of Company Voluntary Arrangements (where a company can use an insolvency practitioner to pay creditors over a fixed period) and a slowdown in new lettings as tenants delay their decisions due the uncertainties in the current political and retail environments”. Stores are struggling to pay rent and are trying to restructure to meet consumer demand. For example (from BBC commentary published on 3rd May), “new types of tenants paying higher and long-term rents, such as Metro Bank opening up in Manchester Arndale, and the introduction of a “Market Halls” food court at Lakeside featuring food and drink from smaller independent businesses”.

      Restructuring Plans

      Sadly, big high street names like WH Smith, House of Fraser, HMV, Debenhams and Marks & Spencer have all suffered over the last 24 months and are looking at restructuring plans to remain lean and nimble both on the high street and on-line. Debenhams reported results for the 26 weeks to March 2019 and said that sales at its UK stores fell 7.4%; which it blamed on fewer shoppers heading to the high street

      A report in November 2018 by accountancy firm PwC found that about 14 shops were closing every day; and that High Streets are facing the toughest trading climate in five years. PwC reported a net 1,123 stores disappeared from Britain’s top 500 High Streets in the first six months of 2018; with that trend evidently continuing. Credit Connect, the credit and insolvency news service says that “conversely, overcapacity and a growing shopper preference for in-home leisure is demonstrated by the net loss of 340 restaurant, catering and entertainment outlets”.

      The Challenge

      The slow demise of high street retail shopping is regrettable and hits our commercial landlords directly in the pocket. The challenge is to try and bring back interest to the high street, but how? Credit Connect says that store categories experiencing the greatest net growth tend to be small chains; such as booksellers, ice-cream parlours, stationers and coffee shops. Large supermarkets also experienced some net growth.

      Fisher Jones Greenwood’s have an experienced Commercial Property team , if you need their help, please call 01206 700113 or email [email protected].

      Authors
      Archives
      Subscribe to RSS feed

      Recent Posts

      • Who you gonna call?
      • Worth the wait
      • What is a section 37 report?
      @FJGSolicitors

      Who are you going to call upon to write your Will? FJG are ready and waiting to guide you through the process. Re… https://t.co/kpVGXKIGht

      22 hours

      We've had a 5* review from Christopher: Excellent Service https://t.co/4lbJehtq0g

      1 day

      We've had a 5* review from Colette: Protection Against Landlord & Letting Agents https://t.co/q9w1oBRu4H

      2 days
      Billericay 01277 623132
      Braintree 01376 552828
      Chelmsford 01245 890110
      Colchester 01206 835300
      Clacton 01255 323103
      Frinton 01255 514100
      Holland-on-Sea 01255 818900
      London 08455 435700
      Sudbury 01787 373387
      • Disclaimer
      • Accessibility
      • Terms & Conditions
      • Privacy Policy
      • Cookies
      • Price & Service
      • Signup to our Newsletter
      • COVID-19 Risk Assessment

      Fisher Jones Greenwood is the trading name of Fisher Jones Greenwood LLP, a Limited Liability Partnership authorised and regulated by the Solicitors Regulation Authority and registered in England ( Number: OC305854 ). A list of members is available for inspection at the registered office at Charter Court, Newcomen Way, Colchester Business Park, Colchester, Essex CO4 9YA

      This website uses cookies & data collection

      Our website uses cookies, which are small text files that are placed on your computer by websites that you visit to distinguish you from other users. They are widely used in order to help website owners like us provide you with the best user experience possible. They also provide us with information that can help us improve our websites and marketing activities. By clicking an item or link on this website, you agree to the use of cookies and other data collection.

      Find out more

      We are welcoming clients back to our offices

      Differing tiers and three lockdowns later, Fisher Jones Greenwood Solicitors are now pleased to be able to welcome clients safely back to our offices.

      Remote working and the digitalisation of the way we work, have been key to keeping FJG and the rest of the country going.

      • We are now able to offer, pre-booked face-to-face appointments. Although, we are still able to offer remote appointments if preferred.
      • You can continue to visit our offices at any time to post any correspondence and documents through letterboxes.

      If you are visiting an FJG office, covid-19 safety rules of social distancing, hand sanitization, and the wearing of masks will still apply.

      • Please be aware you will also need to have your temperature taken on arrival.
      • There will also be protective screens in place to protect you and our staff.

      Please do not hesitate to contact your legal adviser by email or by telephone should you have any worries or concerns. Alternatively, please call our main switchboard number (01206 835300), and a message to return your call will be relayed to the relevant person.

      Best wishes
      Paula Cameron
      Managing Partner