Everyone wants in on business in Reading

Correspondent • Published 27 Aug 2009 09:00 0 Comments

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Leader: Here's to getting through the recession

Recession, what recession? In the past two weeks on three occasions I have had more than one prospective tenant bidding for a retail unit in and around this area (referred to as healthy competition rather than gazumping).

It is therefore difficult to reconcile the national news one hears on a daily basis with the activities in some sectors of the retail property market.

A recent survey by CACI stated that Reading was in the top 12 locations within the country for being resistant to the current financial worldwide crisis and this is certainly borne out by the interest in taking on retail units.

I am pleased to report that we have one or two very exciting new retailers opening in the town shortly.

Having made their mark at Lime Square in Green Park, LSQ2 is now going to open a town centre venue in part of the old Brannigans and a very exciting restaurant operator will shortly be fitting out in St Mary's Church House (opposite the side entrance of John Lewis).

A further Pan-Asian restaurant will be opening in the old Halfords unit in Friar Street.

By Christmas we should also see two new Tesco Express stores in the town centre and a further two hairdressing salons and of course Clas Ohlson is opening in the old Woolworths store.

To build on what is undoubtedly a lively area during the day, I think consideration should be given to partly relaxing the current restrictive planning policy for the prime retail area which favours pure retail uses in Broad Street.

While a policy of unbroken retail frontages is good for daytime trade, a walk through Broad Street at 9pm on a Saturday evening can be very uncomfortable due to the lack of people in restaurants or in residential accommodation above.

Although Friar Street is generally awash with evening revellers, it still has a safer feel about it than Broad Street.

It would be foolish to say that retailing in Reading is unaffected by the economic turmoil, but we are fortunate in faring much better than many other locations.

Part of the reason is due to timing.

If the recession had hit just as The Oracle was opening, it would have been a very different story but Reading's elevated status as a retail location was firmly established nearly 10 years ago and is now entrenched as a location of choice for about 1.56m people - and long may it remain so.

by Fiona Brownfoot, retail partner with Hicks Baker property consultants

l The MPs are in recess

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