Leeds’s retail offering has undergone significant change in the last 10 years, driven by the arrival of Trinity Leeds and the development of Victoria Gate, though the city is no stranger to having a thriving retail centre, with the historic arcades providing a home to a mixture of independent and high street names since the late 1800s.

The creation of the undercover Victoria Gate and Trinity Leeds has led to a chain reaction among brands on the surrounding streets. There has been a considerable amount of shifting by retailers in order to create new flagships and to 'rightsize' their presence, as it isn’t uncommon for a brand to have several stores across the city.

Rightsizing is becoming increasingly important as high street retail continues to undergo a structural change driven by the rise of e-commerce and the changing shopping patterns. Retailers are looking harder at their store portfolios, weighing up the occupational costs of each asset.  

In Leeds, rightsizing has taken many different forms and is transforming streets including Albion Street, Briggate, Lands Lane and Commercial Street. Brands are becoming more aware of their footprint on the high street and may now look to combine two or three stores into one larger flagship.

The recent flurry of company voluntary agreements (CVAs) has also created an opportunity for retailers to move into newly vacant premises, offering large floorplate opportunities.

One example of this shuffling is JD Sports acquiring the former H&M store on Briggate to create a flagship. In turn H&M is upsizing within Trinity Leeds, extending its footprint on Albion Street. The former Miss Selfridge on Lands Lane has been carved up to accommodate an upsized Costa and a new restaurant for Ask, while easyHotel has taken its first site in the city centre.

Leeds city centre streets remains popular with retailers and there are a number of new entrants that have taken space away from the malls. Timberland has opened a new store on Albion Street and Footlocker has upsized onto Briggate, while sportswear brand Trespass has taken the former Footlocker unit on Commercial Street.

Looking to the future, Leeds still provides excellent opportunities for the expansion of existing brands and for new retailers to enter the market. There are currently more than 60 live requirements for Leeds city centre and just over 60 units available in the central retail core, however most are far from the correct match. As leases come to an end and pitches have changed, we expect to see a repositioning for some retailers which will unlock space for unsatisfied live requirements.

Further information

Contact Savills Retail