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A recent survey placed Belfast fifth in the UK for retail trading conditions
and fourth in retailer confidence out of 32 centres surveyed. Belfast ranked
nineteenth overall in the UK.
The Prime Retail Study amongst 13,000 retailers across the UK, showed 68% of
Belfast retailers believe trade will improve over the next three years against
only 12% that forecast a decline. The report states that much of the optimism
derives from the start of the Victoria Square development with 91% of retailers
stating that the new scheme will enhance the offer of the city centre.
Demand is strong for suitable units in prime locations. This is illustrated by
Spanish retailer Mango’s new store on Donegall Place for which it is paying
Zone A rent of approximately €425 per sq ft. Other new entrants to the city
centre include Jane Norman, La Senza, Dune, Quiksilver, Supercuts, Zara,
Habitat, Replay, Costa Coffee and American brand, Quiznos Sub.
Over the next five to seven years, Belfast will benefit from 111,483 sq m (1.2
million sq ft) of new retail space which will help transform Belfast into a
shopping mecca. The £300 million Victoria Square development, which will
provide some 650,000 sq ft of new retail space, has already attracted House of
Fraser and H&M and has accelerated demand from others to find space in
Belfast.
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