The retail sector is being hit by the economic recession, leading to an overall decrease in consumer spending. Many retailers are looking to entice consumers with large sales including discounts, interest free periods and deferred repayment schemes. However, the deadline in consumer spending is impacting retailers and decreasing occupier demand is apparent. Vacancy rates have increased to the highest level recorded since 2001 and rents and yields continue to soften. Many retailers, who do not wish to
continue under current business conditions, are only remaining open due to lease agreements. New supply has been limited in recent years, which is more a result of restricted development opportunities in the areas monitored rather than a reluctance to build. However, a slowdown in development activity across most sectors is apparent as developers act cautiously.