DESPITE the growth of major shopping centres and out of town retail outlets such as Highcross and Fosse Shopping Park, Leicester's traditional high streets are maintaining their status as successful retail destinations. Martin Herbert, head of Retail Agency at national commercial property consultancy, Lambert Smith Hampton's (LSH) Leicester office explains.

Over the past 12 months, Market Street in Leicester has maintained occupancy rates of close to 90 percent. This popularity is highlighted by the presence of many national and regional retailers, including Fenwicks, Fat Face, White Stuff, Cotton Traders, Tog 24, and Toni & Guy.  

Whet your appetite

The street itself is perhaps more widely-known for its independent café, bar and restaurant retailers. Reinforcing this cluster-effect, West Cornwall Pasty Co, the leading specialist retailer of handmade, premium Cornish pasties, is set to make its first foray into the East Midlands with a new 2,313 sq ft unit in Leicester city centre.

The retailer opened its first store in 1998 and has grown to over 60 outlets across the UK, selling a staggering eight million pasties a year. However, unlike most of its other outlets, this latest store is not based at a railway station.

Demonstrating an increased appetite from fashion-led retailers, contemporary unisex boutique, ISIS Clothing has also recently taken a three year lease of 33-35 High Street. 

The store, which stocks well-known brands such as Ed Hardy and Christian Audigier, is the retailer's central UK headquarters.

The appeal?  

Leicester's affordably-priced accommodation, which is located within easy reach of the train station and inner ring road, provides maximum visibility for retailers and a good central location for shoppers.

Enhanced footfall and public realm improvements as a result of the Highcross extension has also helped to rejuvenate demand for high street premises.

The future

Leicester's high streets have clearly retained their traction despite the difficulties endured by most retailers over the past 18 months. However, it is essential that landlords and local agents continue to employ robust leasing strategies that will complement the surrounding retail areas rather than compete with them, in order to keep traditional retail destinations like this on track.