Retailer property prices rose 11.3% during 2014, according to property adviser Christie & Co’s annual state of the markets report.
Its Business Outlook 2015 survey found that UK consumers’ increasing reliance on local stores had had a positive impact on retail prices. Christie + Co director and head of retail Steve Rodell said: “It has been a really positive year. So far we have gained back roughly half of the 30% value we lost over previous years.”
He added that the forecourt market provided opportunities for independents and the company had seen a marked increase demand in such sites. “With oil prices continuing to drop and the forecourt market structure continuing to change, there are exciting opportunities for independents,” Rodell told C-Store.
The increase in property price looked set to increase over the next 12 months, Rodell said. “Looking forward to 2015 we can expect consumer behaviour to help ensure that the convenience sector grows in value. Looking forward, we expect to see continued growth.”