North West retail parks have seen 82 new shop openings this year, with more still expected before the new year.
Savills has reported that the increasing open rate ‘demonstrates the ongoing resilience of the out-of-town retail market.’ The sector is on track to surpass last year’s number of 99.
Savills highlighted that a more diverse retail mix is taking up space. Altrincham Retail Park welcomed a new Homesense store in September and has approved plans for Lidl and a refresh of current Homebase.
This activity has helped drive vacancy rates down, with the rate for the North West now standing at 4.9%.
Andy Hall, out of town retail director at Savills Manchester, said “The North West is seeing an ever increasing mix of retailers taking new stores in the region this year. With the supply of available units remaining low, we expect to see a continued good level of demand for vacant units as retailers look to capitalise on the ongoing resilience of the retail park market.”