Chesterfield named as top UK retail hotspot

Property Week has revealed the top 100 retail locations in the UK with Chesterfield appearing at number 26 ahead of major cities such as Birmingham and Leeds and just behind Manchester at 25.

This is the first year that Chesterfield has featured in the industry-significant report.

The Hot 100 UK Retail Locations ranking was compiled by location experts CACI and focussed on areas that have potential for investors.

Birmingham was listed at 27, Leeds came in at number 45 and Sheffield number 98.

Peter Swallow, chair of Destination Chesterfield, said: “Already there is £1bn worth of investment happening in the borough and major projects such as Peak Resort, Chesterfield Waterside and Markham Vale. Chesterfield’s ranking as a top retail hot spot will bring the town further prominence and hopefully increase our retail offering to residents and visitors.”

The research took into account factors including headroom for future investment, residential catchment size, population growth, competition and catchment demographic. The ranking also considered how population is projected to increase or fall over the next ten years.

The affluence of the population - how much potential spend there is in a catchment area - the number of people who work and its appeal to tourists was also considered.

More investment in Chesterfield’s retail and leisure offering is forecast next year with the redevelopment of the former Co-op on Elder Way and construction of the first phase of the Basin Square development at Chesterfield Waterside which will feature hotels, restaurants and retail units.

In recent years the town’s shopping offering has risen to prominence after featuring in a report compiled by the Local Data Company detailing the UK’s top ten of towns and cities with the lowest shop vacancy rates.

Councillor John Burrows, leader of Chesterfield Borough Council, said: “The high street retail world is an extremely competitive marketplace due to the changes caused by the growth of online shopping. So it is pleasing that this report demonstrates that projects taking place in Chesterfield to strengthen our retail offer, such as the Healthy High Streets initiative, are having an impact.”

Peter added: “This is excellent news to round off what has been an exciting year for Chesterfield. Not only is the town’s unemployment rate below the national average for the first time since records began, but work has started on major projects which will create further jobs and opportunity in the borough, making us a very attractive prospect to potential investors.”