Reflecting on the retail landscape of 2023, Buttercrane Centre Manager Peter Murray admits it’s been challenging for many retail brands.
The cost-of-living crisis, increasing inflation and rising mortgage rate costs have depleted disposable income.
“This affects all sectors as consumers pull back from spending and in particular, we’ve seen this impact the fashion sector. Consumers are seeking best value, sales and have adopt an ‘offer driven’ purchase perspective.
“Buttercrane is well placed to deliver on this demand, with year-round value from our anchor tenants Lidl, Primark, Sports Direct and Dunnes Stores who alongside Poundland and CEX Exchange, have reported high footfall in the run up to Christmas. The Centre has always boasted a competitive mix of independent retailers such as Louis Boyd, Ivy Lane, Reeva and Home, all of whom offer deals throughout the year.”
Despite a slow start in November, Peter reports a strong trading pattern during December.
“We’ve found customers are leaving it later this year and since December, we’ve seen a significant uptake in footfall and spend. Food and beverage outlets have also reported benefitting from family groups meeting for lunch or coffee & cake ‘dates’, in lieu of more expensive nights out or restaurant trips.”
The Centre’s occupancy rate currently stands at 96%, with only two units available to rent and Peter reports that interest has been strong throughout 2023. Earlier this year, the Centre added Muffin Break to augment its food and drink offering, with BPerfect and Calendar Club joining this quarter.
Looking toward 2024, Peter says there are a few pending deals in the pipeline which could boost the Centre’s occupancy to 100% – an enviable position given the retail landscape of 2023.
“We have a few offers under consideration which we’d expect to complete Q2 of 2024. This would see Buttercrane welcome some new retail brands to the centre, underscoring our position as the dominant retail location in South Down/South Armagh,” Peter concludes.
ENDS
CLANRYE NEWS 