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02
Nov 2024
Is Harrogate experiencing a post-covid retail revival?
Harrogate’s retail property sector is “on the up” after a difficult period following the covid pandemic, says a property expert.
Last month, the Stray Ferret revealed the Victoria Shopping Centre has doubled in value over the last three years — suggesting a recovery from covid.
But is this reflected among retailers more widely?
Several new bars and shops have opened. But this week's Budget generally went down badly with local business groups.
Simon Croft, partner at FSS Property in Harrogate, told the Stray Ferret the last few years have been tough on retail in the town centre but things were changing.
He said:
The Harrogate retail property market is certainly on the up and has been since enduring a difficult period post-covid.
A combination of online shopping trends and the covid lockdowns left high streets nationally in a poor state with businesses having to shut and national retailers pulling out of some areas, Harrogate was no exception.
Harrogate has lost national retailers in recent years, as multiple covid lockdowns and high inflation bit hard.
Debenhams on Parliament Street pictured in April 2020.
Among the major retailers to have closed in the last three years include Debenhams on Parliament Street in 2021, River Island on Cambridge Street in February 2023 and New Look in the Victoria Centre Shopping also in February last year.
The recent recovery appears to be driven more by independents than national chains, said Mr Croft.
He said:
We are seeing quality local independent businesses gaining more of a foothold, not only on prime shopping streets such as James Street and Cambridge Street but also most definitely in areas of Harrogate such as Cold Bath Road, the Montpellier Quarter and Oxford Street among others.
Revitalising the high street
But the perception of a booming high street is not shared by everyone.
Some business owners told David Skaith, the Labour mayor of York and North Yorkshire, that the town looked “a tip” to visitors at a meeting in September.
Mr Skaith has been keen to put the perception of high streets and how to revitalise them at the top of his political agenda.
David Skaith, mayor of York and North Yorkshire.
He told the Stray Ferret recently that the York and North Yorkshire Combined Authority has an ambition for local high streets to be the “focal point” for communities.
Mr Skaith said:
The ambition is for high streets across our region to be not only a focal point for local commerce but a focal point for local communities. In support of this, the combined authority has allocated £10 million in principle over a four-year period for a new Vibrant and Sustainable High Streets Fund.
Mr Skaith unveiled the high street fund in July following a meeting with business representatives in Thrisk.
Much of the aims of the scheme are geared towards improving outcomes for businesses, such as increasing turnover and reducing the number of vacant units in town centres.
However, the aims also suggest the combined authority wants to tackle how people feel about their local high streets, rather than solely focus on material improvements such as occupancy rates.
The fund may help to bring the town centre back on its feet after years of lockdowns and high inflation, although some doubt the sums available will make much difference.
Even Mr Croft was cautious about overstating the recovery in Harrogate. He told the Stray Ferret that the upturn will only be secured by fair market rents and a review of business rates.
He said:
There is still a long way to go, but we feel the key to securing the future of the Harrogate retail market is ensuring fair market rents are charged, but tenants also are prepared to pay the correct rental for the opportunities presented.
It has long been our view the business rates system needs a full revamp, business rates are complex, unpredictable and inequitable and we hope the current rating system will be looked swiftly by the government.
With the impact of the Budget still to filter down, the months ahead will give a clearer indication of whether any revival can be sustained.
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