Retail Future is Optimistic for Strong Colchester

Colchester has a fundamentally strong retail centre and has weathered the storm of a difficult climate better than many other centres elsewhere in the country, according to the results of an independent survey published earlier this month.

Colchester Borough Council commissioned a report by independent consultants King Sturge / Jones Lange LaSalle to assess Colchester as a retail centre and highlight areas of strength and possible weakness.

These findings will help guide the Council as to how they will best support appropriate retail development in the town centre in the face of changing economic and social circumstances.

The report was launched at a free event for town centre retailers, hosted at firstsite on the evening of Wednesday 19 October 2011. This event gave local businesses the opportunity to find out Colchester's retail strengths and weaknesses and hear about the Council's plans to improve the town centre for businesses and consumers.

It was also chance for businesses to discover more about the major improvements in broadband access in the town centre that will be in place by next year.

Consultants King Sturge worked with key local stakeholders including appropriate members of the Council, Colchester Retail Business Association (CoRBA) and the Major Retailers' Forum, all of whom have been able to provide invaluable local market insight.

The report indicates there are no tangible threats to Colchester on the horizon and that it has a solid and rounded retail proposition. It identifies the town has a healthy balance between national multiples and local traders and a robust population and spend growth.

There are also areas for improvement including some large-scale vacant units, a negative perception amongst local residents and that there is currently an uncoordinated independent trader proposition- something the Council is already working towards developing.

Councillor Nick Barlow, Portfolio Holder for Economic Development and Sustainability said: "The results of this study will provide an extremely useful tool to assist the Council in the future with its town centre improvements. It is encouraging to get confirmation that Colchester has a strong retail centre; this will provide the town with a strong base that the Council will build on in the future.

"There are a number of exciting opportunities in the pipeline with developments in the St. Botolphs Quarter and the implementation of the new digital strategy that will provide a boost to the town's economy."

The latest report from retail analyst company CACI* also brings positive news, indicating Colchester has risen from 46th to 43rd in its annual rankings. Retail expenditure this year has totalled £540m - the same as last year, which given the prevailing economic conditions is a significant achievement.

Full results of the report can be viewed here: http://tinyurl.com/5usls29

*Which calculates retail expenditure across the UK retail centres and ranks them accordingly

For further information on the Digital Strategy please visit: http://tinyurl.com/6knaqtp