The impact of 1.6m sq ft of new shopping at Grosvenor's Liverpool One is unlikely to damage retail growth in Manchester city centre, according to Colliers CRE.
Speaking ahead of the publication on Wednesday of the agency's Midsummer Retail Report 2008, Nick McAllester, associate director of retail in Manchester, said: "Whether Liverpool One will have a significant impact on Manchester city centre will only be seen at the end of this year and into 2009 although it's unlikely that confidence in the Manchester's retail scene can be dented. Even the almost inevitable congestion charge is proposed to only apply during rush hour on weekdays to impact on city centre shoppers as little as possible."
The report highlights strong activity among retailers in Manchester city centre, with lettings to TK Maxx, Esprit and Nokia on Market Street; the re-site of Armani to Spinningfields, requirements from John Lewis and a Marks & Spencer expansion; and new retailers including Henri Lloyd, Camper, Links of London, Molton Brown and Nike all set to open in the city centre this year.
Retail prime rents in the North West grew by 2.8% in the year to May, faster than any other region.
- See the Events Diary for details of the launch of the report.