The Retailer Autumn Edition 2022

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The Island’s GDP per capita in 2020 was £50,353, some 57% higher than in the UK.

Guernsey’s bustling High Street and Commercial Arcade, St Peter Port. Credit: Guernsey Press

Terry Gardiner, Director Commercial Property at Savills Guernsey, confirmed: ‘It is positive to see that the Island is buzzingwith opportunities in retail, for everything from large chains, small independent outlets or somewhere in between. ‘In addition to strong demand from entrepre neurial start-ups, Guernsey has always been of interest to national retailers given its captive audience and strong, economic position. There is no escaping that the industry has been under pressure during the pandemic but on the whole, we have seen a very responsible approach from landlords who have assisted their tenants during this difficult period. Furthermore, it is positive to see that we are moving out of this difficult period, albeit therewill always be headwinds to contend, but Guernsey will always be able to claim that it is a good location in which to consider doing business.’

An example of a successful initiative is the Retail Pathway, which sees the GRG, landlords and businesses work collaboratively to provide short and medium term rental opportunities for fledgling outlets, along with established, expanding retailers. The GRG’s quarter two report for 2022 pro vides a comparison of retail occupancy rates between St Peter Port and town centres in the UK. This shows that the average 2022 vacancy rate in Guernsey was just 7.8% in the three months from April through June, a reduction from 13.5% of units counted in Q1 that still reflected the impact of the pandemic. In the UK, the national vacancy rate is also decreasing, but at a lower rate than in the Island. The most recently available statistics for the second half of 2021 showvacancies at 14.4%, down 0.1% comparedwith January to June of the same year.

This 5.7% improvement in occupancy on Island can be directly attributed to a higher number of new openings, assisted by the Retail Pathway initiative, along with expansions of existing businesses. As a result, St Peter Port features a range of established independent retailers and hospitality outlets intermingledwith larger chains, giving a vibrant, appealing and unique feel to the town. Recent examples include Pavers, theYorkshire based shoe company that took on Jones Bootmaker and a local store in 2018, which recently re-opened in the centre of St Peter Port. Other UK brands now established are Marks & Spencer, Mappin & Webb, Boots the Chemist, Next, Monsoon, White Stuff, Mountain Warehouse, Schuh, Fat Face, Quiz, Jo JoMaman Bébé, Yours, Swarovski, The Body Shop, Hotel Chocolat, Specsavers (headquar tered in Guernsey), Sports Direct, Holland & Barrett and others.

Korinne Le Page hello@guernseyretailgroup.gg

Source Local Data Company Retail and Leisure Trends Report 2021 https://rb.gy/5qe5vq Guernsey Annual GVA and GDP Bulletin, 2020 https://www.gov.gg/CHttpHandler.ashx?id=147608&p=0 Carey Olsen report https://www.careyolsen.com/articles/lure-guernsey-high-street Visit Guernsey trade media https://guernseytrademedia.com/media/1ylm5g2w/vg_2019_value_to_economy_infographic.pdf Guernsey Household Expenditure Survey 2018-2019 Report https://www.gov.gg/CHttpHandler.ashx?id=133968&p=0 Guernsey Annual Residential Property Stock Bulletin https://www.gov.gg/CHttpHandler.ashx?id=151201&p=0