Positive News for Commercial Road as Two New Retailers Take Space

Portsmouth's Commercial Road has received a boost with the opening of two new retail stores. Stationary Box, a stationary retailer with nationwide coverage and tReds, a south coast based shoe retailer specialising in the trendy sector of the footwear market have recently opened their doors for trade.

The retailers have taken space adjoining each other in the 'Prime' section of Commercial Road, Portsmouth. The property which the retailers have taken was formerly occupied by H Samuel, who continue to maintain a presence within the city centre with their store close to Cascades Shopping Centre entrance.

Stationary Box already trade from 150 branches across the country. The group has seen dramatic turnaround in its fortunes over the last two years. Following major capital reconstruction in 2001 the company has restructured its business and has prospered with improved operating results.

tReds who are based in Weymouth, Dorset now operate from 6 branches across the south and have a distinctive branding, competing for part of the quality end of the footwear market with shoe retailers such as Sole Trader and Raw.

Tim Clark of commercial property agents Garner Wood, who structured the deal to bring the retailers into the property, confirmed it has taken some considerable time to achieve. "As we were dealing with a situation where the retailers were taking the store previously occupied by a single trader, substantial work had to be done to ensure the building was split and provided in satisfactory condition for both parties." Mr Clark believes that the introduction of the retailers represents positive news for Commercial Road, "In the last few months there has been some negative publicity about Commercial Road. The fact remains that it continues to provide important retail offer."

Prime Retail Space - The Cost to Retailers

Every shopping centre across the country has a retail 'hotspot' where pedestrian footfall and consequently rents are highest. Retailers know this 'hotspot' as the 'prime retail pitch.' Portsmouth's Commercial Road is no different and obtaining prime retail space is expensive. Stationary Box and tReds have paid a combined rental of ?150,000 a year for their retail units at the edge of the prime retail section of Commercial Road. Tim Clark of Garner Wood confirms that rentals in the centre of Commercial Road are even higher. "Opportunities to acquire retail space within the centre of Commercial Road are generally limited; when space becomes available competition can be intense and consequently rental costs even higher. Despite the high costs, Mr Clark states that retail space in the prime section of Commercial Road, Portsmouth is cheaper than Southampton and Brighton, but is at a similar level to Bournemouth.

Garner Wood, Atlantic House, 114 Kingston Crescent, Portsmouth, PO2 8AL
Tel: 023 9262 9000 Fax: 023 9262 9001
E-mail: property@garnerwood.co.uk

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