Article – 18th October 2019

Retail crisis? What crisis?

Study confirms the strength of Farnham’s retail property market.

Commercial property firm Curchod & Co disputes the recent report that suggested that Farnham is experiencing a “retail crisis” and highlights that, according to a recent study undertaken by the firm, the town’s retail property market is doing better than many others across the country.

The firm’s research revealed that, of 153 shops within Farnham’s town centre, just eleven were vacant at the time of the study, representing a vacancy rate of just 7.18%. This compares very favourably to the national average of 10.2% and in fact, a number of those vacant units are under offer.

“Our study confirms that Farnham is performing better than other destinations in terms of shop vacancies and that it continues to be a popular town for retailers. The popularity of Farnham is underlined by seven recent deals that include the letting of 3 Town Hall Buildings to Blue Bear Bookstore and pending transactions on 112 West Street, 24 Lion and Lamb Yard and 6-8 South Street which are all due to complete in the next few weeks,” said Curchod & Co’s Matthew Seary.

“At the national level, a number of national chains and well-known high street operators are facing insolvency, so it cannot be doubted that many retailers are finding the prevailing trading conditions very hard. However, as a historic market town, Farnham has many advantages over others across the UK. It is compact and has an architectural heritage that makes it a pleasant place for shoppers to visit and spend time. In addition, the small nature of many of the shop properties makes them ideal for independent traders and businesses.

“While this is not necessarily attractive to large, national chains and multiples, it does ensure that there is a good mix of retailers, which is essential in ensuring a good level of footfall and a vibrant shopping destination.  The ongoing redevelopment of Brightwells Yard and The Woolmead will provide a number of larger, purpose-built modern retail units suitable for larger retailers who have previously been unable to acquire premises in the town. It is a question of balance but will benefit Farnham by further improving its retail offer,” he added.