'Perfect storm' as retail vacancy rates rise

The owners of a shopping centre in Lincoln say they are continuing to see vacancy rates increase.

St Marks Shopping Centre, built on the site of a former railway station, has seen a number of major retailers including Debenhams, Argos and Mothercare close stores in recent years, with Toby Carvery confirming it is to close its restaurant later this month.

Aberdeen Investments, the owners of St Marks, said there had been "little demand from retailers to replace them".

Katrina Pierce, from the Lincolnshire Federation of Small Businesses, said the retail park was facing a "perfect storm".

A spokesperson for Aberdeen Investments said the UK shopping centre and retail market had faced "decades of UK economic shocks and upheaval", leading to the disappearance of big retail brands.

However, commenting on the St Marks situation, they said: "We are not standing still. We have invested a considerable amount in regenerating part of the site into a leisure unit.

"We have also invested over £80m developing part of the site into 1,300 student accommodation units," they added.

The firm said it was continuing to assess future demand and viability from a range of future options.

Meanwhile, a spokesperson for Toby Carvery said its St Marks restaurant would close on 28 February.

"We are in consultation with the team at the restaurant and hope to redeploy as many employees as possible at our other nearby businesses.

"This decision has been taken after careful consideration and as part of the continual review of our estate," they added.

Pierce said although parts of Lincoln city centre were thriving, independent businesses were unable to fill the void left by the exodus of major retailers at St Marks.

"[It] is a perfect storm of huge empty vacant units - the footprint of those shops like Debenhams and Toys R Us are massive," she said.

"If national retailers are withdrawing from those kind of sizes of businesses your average local independent isn't going to be in a position to take them on."

St Marks Shopping Centre opened in 1996.

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