‘Ripple effect’ of Olympics

TRADING remains tough on Britain’s high streets, despite the prospect of an “Olympic boost” to sales over the summer, according to the quarterly UK retail report from Savills.
By The Newsroom
Published 26th Apr 2012, 07:00 BST

Only 12 shopping centres were sold in the first quarter of 2012, totalling £461m, the report states, but there are still a large number of equity buyers for shopping centre investments.

The report, which has been compiled by Savills’ retail team, continues: “We remain of the view that 2012 will be the turning point of this cycle in the consumer economy.”

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Savills’ analysts said the unseasonably warm weather before Easter led to a short-lived “return to optimism” for retailers who have weathered the economic storm.

The report says: “This optimism was short-lived and severely dampened by a return to typical Easter bank holiday weather and saw a resultant decline in sales across the country for most retailers. There are still pockets of good news, outside of the resilient super prime central London market, and reason to be optimistic”

According to Savills, this summer’s Olympics is expected to provide a boost for the south east, which should, over time, have a “ripple effect” across the UK.

Related topics:SavillsBritainLondon