Why are these Proposals so Important?
For decades now Sheffield city centre has experienced rising retail vacancy, falling retail sales and lack of investment. This was principally due to a shortage of new retail space in the city that is configured to meet the changing needs of modern retailers.
A growing Sheffield demands a modern environment for retailers. Currently, demand for good quality modern retail space outstrips supply in the city centre. Many of the UK’s largest retail brands, such as H&M, Next, New Look and Topshop, trade from stores that are over 60% smaller than their average sized stores in UK cities with similar populations to Sheffield. We know that retailers are waiting for Sheffield’s Retail Quarter to be developed so that they can have modern, prime and well-configured stores.
Attracting new and larger retailers provides a number of benefits. More visitors are attracted to the city centre, meaning more money is spent in the local economy. This benefits all businesses and helps to create jobs. More occupied retail space will also generate more income through business rates. More money can then be raised to fund improvements to the city centre, including enhancing our public spaces.
Bringing this development forward is a strategic priority for Sheffield City Council, supported by the universities, civic and cultural institutions and businesses, as well as existing and potential city centre retailers.