Guernsey’s retail economy is showing positive signs of growth and recovery this year according to figures released by the Guernsey Retail Group.
The shop vacancy rate for quarters two and three of 2022 stands at 7.8% across town, representing a 5.45% reduction from the first three months of this year, which was 13.25%. These contrast with the most recent, equivalent statistics published in the UK by the British Retail Consortium, which indicate shop vacancies at the end of Q3 of 2023 were running at 13.9%, just 0.1% lower than in the previous quarter.
Korinne Le Page, Head of Retail Development at the Guernsey Retail Group (GRG), attributed the positive news to a number of factors: “The continuous improvements in shop occupancy on-Island can be directly attributed to a higher number of shop openings, expansions of existing outlets and the success of the ‘Retail Pathway’.
“This initiative sees the GRG, landlords and businesses work collaboratively to provide short and medium term rental opportunities for new and established retailers.
“The figures are an encouraging sign that the effects of the pandemic of the past two years are subsiding and show real optimism in the retail sector, particularly when you consider our vacancies are at almost half the level of those on the mainland.”
In the past few months, a number of new outlets have opened or relocated in Town, including Mazzouk, Sole Mates, Snack Time and Beghin’s, which returns to St Peter Port after a three year absence. Its old premises at the bottom of the High Street have been taken on by Hope Store. In the Commercial Arcade, Merci Antiques and Iris & Dora are recent, new arrivals along with The Collections Centre.
Out of St Peter Port, Che Zoe has opened at L’Islet and Mysa and Sprinkle of Magic in New Road on the Bridge. The new outlets offer a range of items from clothing to kitchens, bakery products, pottery and gift items.
Ms Le Page added: “Islanders showed great loyalty during Covid and the return of tourist numbers this year – cruise ship passengers and the longer stay visitors through the harbour and airport – has helped provide a welcome boost to the local retail economy, not just in Town, but across the Island. The increase in day trips from the UK being offered by Condor next summer will help increase footfall.
“As an industry, we are determined to continue to offer choice, availability, service and value for money for all consumers and to encourage Islanders to buy locally.”
The GRG has installed footfall counters at various points in the busy pedestrian areas of St Peter Port which will start to monitor the number of visitors in Town.
