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
remains challenging, the latest Exeter vacancy figures are very encouraging.” (Economic
- Geography created an economic hub which led to
Trends Report, 2013, p5). It suggests Fenalla
that Keevil
Princesshay
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
in Exeter in the shorter term.
One way retail-led regeneration helps low vacancy rates is by causing an increase in the
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
retailers.
Fenella
Keevil
Fenella
Keevil
Currently Exeter does not have any formal statistics on tourism for the City Centre. However,
Fenella
Keevil figures state, “Princesshay attracts 10 million visitors per annum. At the heart
Land
Securities
of recession
the recession
numbers
fell close
to 9 million,
but seen
has a seen
a recovery
over
last 2 years.
of the
numbers
fell close
to 9 million,
but has
recovery
over the
last the
2 years.
th
th
Visitors
on average
80 of minutes.”
(Land
Securities,
28 2013).
2013).
However,
is 19 2013)
July
However,
this is this
Visitors
stay stay
on shows
average
80 for minutes.”
(Land
Securities,
Map
4, below
the for location
each
Graph
4 area
in 28
relation
to July
Princesshay.
(Google
maps,
not
supported
by
the
data
contained
in
Graph
4
(below)
from
footfall
surveys
conducted
in
not supported by the data contained in Graph 4 (below) from footfall surveys conducted in
the years
immediately
the 2007
opening,
that footfall
changed
very little
the years
immediately
after after
the 2007
opening,
which which
show show
that footfall
changed
very little
period
(Exeter
Council,
over over
this this
period
(Exeter
City City
Council,
2009). 2009).
Sidwell Street
Graph
4, Bar
graph
to show
the the
percentage
change
Graph
4, Bar
graph
to show
percentage
change
High 2008
Street to 2009 in different areas in
in footfall
from
in footfall
from
2008 to 2009 in different areas in
Exeter
Exeter
10.0%
10.0%
8.0% 8.0%
Guildhall
Princesshay
Biggest
increase
was still
Biggest
increase
was still
minimal
minimal
6.0%
6.0%
Fore Street
4.0%
4.0%
2.0%
2.0%
South Street
Very small increase
Very small increase
reflecting the high
reflecting the high
initial numbers in 2008
initial numbers in 2008
after the opening
after the opening
0.0%
0.0%
High Street Sidwell Street Fore Street Fore Street South Street
Guildhall
Princesshay
High Street Sidwell Street
Fore Street
Fore Street South Street
Guildhall Area Princesshay
(Upper)
(Lower)
-2.0%
(Upper)
(Lower)
Area
-2.0%
-4.0%
-4.0%
Scale:
Decreases seen in
seen in
some Decreases
areas, perhaps
some
areas,
suggesting some perhaps
suggesting some
displacement
displacement
Area in Exeter
Area in Exeter
The minimal increase in footfall numbers in the Princesshay area illustrated by Graph 4 is to
be expected, after the high initial numbers recorded after the opening is factored in. The
graph also shows a relatively large percentage increase in footfall in the High Street and Fore
Street. These other main shopping areas lead on to Princesshay, suggesting that increased
footfall due to Princesshay led to increased visitors to surrounding areas. However, Sidwell
Street, South Street and Guildhall all saw a small decrease in footfall numbers, suggesting
some displacement because Princesshay and Guildhall have very similar uses, but
Princesshay is bigger and freshly developed.
One of the ways Princesshay aimed to create 178 new economic activity was to encourage an
evening economy. By increasing spending, due to the longer operating hours, Princesshay has
generated ten additional restaurants within the City (Pearce, W., 28 th July 2013), although the