Across the UK, more independent businesses are beginning to rethink what they want from the places they call home. For years, bigger cities were seen as the natural destination for ambitious brands and growing companies, but there is a continuing shift towards places that offer something more personal and more sustainable in the long term.
Cooper Green Pooks believe this shift is particularly noticeable in Shrewsbury compared with many other UK towns, perhaps due to its frequently referenced “cul-de-sac” location, though there may be other factors at play.
Over recent years, the town has quietly built a reputation as one of the UK’s strongest locations for independent businesses, with repeated recognition in the national broadsheet press, including being ranked number one in The Telegraph’s UK High Street List. Wyle Cop is also often cited as having the UK’s longest uninterrupted run of independent retailers.
Geography can play an important role, particularly in smaller regional towns that are more self-contained. Shrewsbury, for example, is almost entirely enclosed by the River Severn loop, meaning that, unlike many other towns across the UK, its historic centre is physically constrained from significant expansion. As a result, there is little risk of large-scale redevelopment shifting the prime retail pitch and leaving desolation in its wake. There is a finite supply of commercial real estate so any shops which do become vacant are quickly filled.
Our research suggests that the retail void rate between Pride Hill, High Street and The Square is 1.6% compared to a national average of 13%. For everything inside the ‘River Loop’ it is 6.8%. Strong statistics indeed which contribute to a general ‘feel good’ factor in the town.
Another contributing factor lies in the diluted ownership of real estate in regional towns. This is particularly acute in Shrewsbury where the number of buildings owned by institutional investors can be counted on one hand, with the majority owned by private investors or family property companies.
This is important because it brings an independent rather than corporate approach to covenant strength when considering tenants. Cooper Green Pooks act on behalf of many town centre landlords, and what shines through when discussing potential tenants is a fundamental willingness to support local traders who know their market. Of course, clients will always be attracted to established national brands, but they look carefully at whether they will offer something new to the town as a proxy for longevity and security of income, rather than pure covenant strength.
All this adds to a growing mix of retailers, cafés, hospitality venues and professional services, all contributing to a town centre that feels active, welcoming and genuinely distinctive. Statistics show that Shrewsbury’s town centre footfall consistently outperforms Britain’s national benchmarks (December YoY +15.2% vs GB +2% – MRI Springboard and Beauclair for Shrewsbury BID).
Success breeds success, and a dynamic town centre occupied by a variety of independent and national retailers creates a genuine sense of vibrancy. It is a manifestation of the vitality and viability sought in early 1990s planning policy, which attracts businesses and should be a key consideration when attracting talent as flexible working continues to influence where people live and work.
Shrewsbury continues to prove that businesses do not need a major city postcode to thrive.
If you’re thinking of opening or expanding your own business in Shrewsbury, take a look at our current commercial vacancies or get in touch – we’re happy to answer any questions you might have.
You can find out more about our commercial services on our website and you can contact the team at commercial@cgpooks.co.uk or call 01743 276 666.
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