Fenalla Keevil - Geography
Fenella Keevil
Keevil
Fenella
Graph 3,
3, a a bar
bar chart
chart to
to show
show total
total vacancy
vacancy rates
rates
Graph
in Exeter
Exeter over
over time
time (John
(John Harvey)
Harvey)
in
60
60
50
50
Dramatic increase
increase seen
seen
Dramatic
as
financial
crisis
takes
as financial crisis takes
hold and
and Princesshay
Princesshay
hold
opens
opens
Slow recovery
recovery
Slow
40
40
30
30
20
20
10
10
0 0
Jan-07
Jan-07
Jan-08
Jan-08
Jan-09
Jan-09
Jan-10
Jan-10
Jan-11
Jan-11
Jan-12
Jan-12
th
Exeter
Exeter City
City Centre
Centre Manager,
Manager, John
John Harvey
Harvey confirmed
confirmed (25
(25 th June
June 2013)
2013) that
that there
there were
were
“various
because
of of
“various people
people who
who claimed
claimed a a negative
negative effect
effect as as a a result
result of of various
various shops
shops closing
closing
because
the
project...
However
this
is
only
a
short
term
issue
and
these
negative
impacts
are
necessary
the project... However this is only a short term issue and these negative impacts are necessary
for
for the
the greater
greater good.”
good.”
The
The economic
economic crisis,
crisis, which
which coincided
coincided with
with the
the opening
opening of of Princesshay
Princesshay in in 2007,
2007, caused
caused
vacancy
rates
across
England
to
soar.
Exeter
followed
the
national
trend,
making
it
vacancy rates across England to soar. Exeter followed the national trend, making it difficult
difficult
to
an an
to fully
fully assess
assess Princesshay‟s
Princesshay‟s impact.
impact. Both
Both its
its opening
opening and
and the
the crisis
crisis probably
probably caused
caused
increase
increase in
in vacancy
vacancy rates,
rates, at at least
least in in the
the short
short term.
term. However,
However, the
the rates
rates are
are now
now recovering
recovering
and
and are
are forecast
forecast to
to fall
fall below
below 2007
2007 levels.
levels. This
This suggests
suggests that,
that, as as Harvey
Harvey claims,
claims, increased
increased
vacancy
rates
were
only
a
short
term
negative
impact.
vacancy rates were only a short term negative impact.
Harvey also confirmed “the City‟s vacant unit rate is 6.96%, a drop from 7.10% in July 2012.
Harvey also confirmed “the City‟s vacant unit rate is 6.96%, a drop from 7.10% in July 2012.
The figure remains significantly lower than the national average, currently standing at 12.5%
The figure remains significantly lower than the national average, currently standing at 12.5%
– 14.5% according to Local Data Company statistics... Against a national backdrop that
– 14.5% according to Local Data Company statistics... Against a national backdrop that
remains challenging, the latest Exeter vacancy figures are very encouraging.” (Economic
remains challenging, the latest Exeter vacancy figures are very encouraging.” (Economic
Trends Report, 2013, p5). It suggests that Princesshay created an economic hub which led to
Trends Report, 2013, p5). It suggests that Princesshay created an economic hub which led to
more activity, not reducing existing activity from within or outside of Exeter. In the long term
more activity, not reducing existing activity from within or outside of Exeter. In the long term
Princesshay did not cause much displacement helping maintain relatively low vacancy rates
Princesshay
did shorter
not cause
much displacement helping maintain relatively low vacancy rates
in Exeter in the
term.
in Exeter in the shorter term.
One way retail-led regeneration helps low vacancy rates is by causing an increase in the
One way of retail-led
regeneration
helps
rates
is by causing
in the
number
visitors and
dwell time.
This low
can vacancy
lead to an
increased
market an
for increase
the retailers
to
number
of
visitors
and
dwell
time.
This
can
lead
to
an
increased
market
for
the
retailers
to
sell to, helping create business. This, in turn, may result in an economic multiplier effect for
sell
to,
helping
create
business.
This,
in
turn,
may
result
in
an
economic
multiplier
effect
for
retailers.
retailers.
Currently Exeter does not have any formal statistics on tourism for the City Centre. However,
Currently
Exeter figures
does not
have
any formal attracts
statistics
tourism
for the
Centre.
However,
Land
Securities
state,
“Princesshay
10 on
million
visitors
per City
annum.
At the
heart
177
Land Securities figures state, “Princesshay attracts
10 million visitors per annum. At the heart
19
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