Napier retail vacancies jump 30 per cent

Press Release – Turley and Co

Napier CBD retail vacancies have jumped 30 per cent since December, according to the Turley & Co Retail Vacancy Survey.Napier retail vacancies jump 30 per cent

Napier CBD retail vacancies have jumped 30 per cent since December, according to the Turley & Co Retail Vacancy Survey.

Retail precincts recorded 20 vacancies in December 2015, but in March 2016 there were 26 vacancies.

Property analyst valuer Pat Turley said the Napier survey result was counterintuitive because there was increased retail spending and considerable economic buoyancy in Hawke’s Bay. It was possible the buoyancy had not reached Napier retailers’ tills before the slump following the busy Christmas holiday period.

He said retailers also faced wider challenges.

“Other factors include nationwide large format retail effects and internet competition,” he said.

Other parts of Napier and Hastings also deteriorated in March compared with December. Taradale went from five retail vacancies to six and Havelock North from four to five.

“Hastings has performed best of the Hawke’s Bay locations surveyed, with one less shop vacancy for the CBD overall since December 2016.”

The December survey was marginally distorted by temporary pop-up shops but the March survey also recorded pop-ups.

ENDS

Content Sourced from scoop.co.nz
Original url