As 2021 drew to a close, it was clear that the retail sector is still some way off where it was pre-pandemic.
What will the long-term effects of two turbulent years be on the future? EG Radius planning data shows that when activity returns to normal levels, we nonetheless see shifts in the retail that people want or need – and where they need it.
Summary of the report:
• Major deals and shake-ups; IKEA buys the former Topshop flagship for £278m
• Oxford Street labelled as the busiest shopping street in Europe in 2021
• EG Radius has recorded 1,732 retail deals in 2021, compared to 5,481 in 2019
• Scotland’s main markets; Glasgow, Edinburgh, Aberdeen and Stirling far outpaced the nation as a whole with high numbers of deals
• 16.9% YoY growth in retail planning applications
• Pre-pandemic, restaurant takeaways accounted for 5.8% of all retail applications. By the end of 2021, they climbed to just shy of 10%.
Will 2022 give us the certainty that 2021 failed to provide? The retail sector will face continuing twists and turns of the pandemic, grappling with the knock-on effects to how we work and live.
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