Headlines News Coventry Ranked 73rd In ‘Hot 100 Retail Locations’ Report By Craig Woollaston Posted on November 15, 2016 17 min read 0 0 320 Share on Facebook Share on Twitter Share on Google+ Share on Reddit Share on Pinterest Share on Linkedin Share on Tumblr A new report has ranked Coventry 73rd in a list of the top 100 retail locations in the UK. The list, which is drawn up exclusively for Property Week by location experts CACI, has in previous years focused on towns and cities seen to have the greatest mass market potential. This year, however, the report focuses on areas that have the most potential for investors. Rather than rank locations based on their size or wealth, the list looks at a wider set of variables in order to highlight some of the secondary destinations that might not be the obvious choice for developers. Given Coventry’s underperforming retail sector, one might have thought that this new approach could have lifted Coventry from its previous lowly position. However, even using the new criteria, Coventry still ranks in 73rd position, behind Rugby which is ranked 59th. Milton Keynes tops the list, and Wolverhampton and West Bromwich are ranked 5th and 7th respectively. The rankings are compiled using a set of six variables; these include ‘headroom’, ‘centre dominance in catchment area’, ’10 year population growth’, ‘residential catchment size’, retail mix fit to catchment’ and ‘worker and tourist potential’ (further explanation of this methodology is shown below). Despite appearing to score well in most areas, Coventry has been ranked below many towns and cities with which it appears to have comparable scores. This is down to the weighting of the variables – something that is not fully explained in the original article which appears here. The Full Rankings Key: A=best score; E=lowest score Rank Centre Region Headroom Centre dominance Population growth Catchment size Worker and tourist potential Retail mix 1 Milton Keynes South East A D A A A D 2 Wimbledon London A E A C C E 3 Ealing Broadway London A D A C C E 4 Watford East of England B A A A B D 5 Wolverhampton West Midlands A E E B B B 6 Stockport North West A D D B C D 7 West Bromwich West Midlands A E B C C B 8 Newcastle-under-Lyme West Midlands B B E D D B 9 Huddersfield Yorkshire and The Humber A E C B B C 10 Enfield London A C A C C E 11 Solihull West Midlands A E C B B E 12 Croydon London A D A A A E 13 Bradford Yorkshire and The Humber A D D B B C 14 Wakefield Yorkshire and The Humber A E D B C C 15 Windsor South East A E B C B C 16 Uxbridge London B C A B C E 17 Halifax Yorkshire and The Humber B C C D D C 18 Bolton North West C B D C C C 19 Harrow London B C A C C E 20 Staines-upon-Thames South East B C B C C E 21 Derby East Midlands B D C A A D 22 Bury North West B C D C C C 23 Sutton Coldfield West Midlands B C B C D D 24 Epsom South East B B A C C E 25 Manchester North West A E D A A E 26 Chesterfield East Midlands B B E D D B 27 Birmingham West Midlands A D C A A E 28 Durham North East A E E C C D 29 Richmond – Surrey London A E A D C B 30 Kingston Upon Thames London B C A A A D 31 Paisley Scotland A E E D D D 32 Stockton-on-Tees North East A E D D E B 33 Reading South East B C C A A D 34 Chorley North West A E C E E C 35 Rotherham Yorkshire and The Humber A E E E E A 36 Warrington North West B C C C C D 37 High Wycombe South East B C C B B E 38 Ilford London B D A C C C 39 Accrington North West B C E D E B 40 Blackburn North West B D E D D C 41 Kettering East Midlands C A B D D B 42 Camberley South East A E C C C E 43 Guildford South East B C C A A C 44 Crewe North West C B E D D C 45 Leeds Yorkshire and The Humber B D C A A E 46 Colchester East of England D A B B B B 47 Loughborough East Midlands B C B D D A 48 Birkenhead North West C C E C D B 49 Romford London C C E C D B 50 Maidstone South East D B A B B C 51 Chatham South East B D B E D A 52 Cumbernauld Scotland A E E E E C 53 Bexleyheath London B C A D D C 54 Stoke-on-Trent – Hanley West Midlands D B E B B C 55 Preston North West B E E B B C 56 Altrincham North West A E B D D E 57 Ipswich East of England D B D B B A 58 Southampton South East B C C A A E 59 Rugby West Midlands D B B D D C 60 Wigan North West A E D C C C 61 Sutton London B D A C C E 62 Cambridge East of England D B B A A B 63 St Albans East of England A E A C C D 64 Southend-on-Sea East of England D B C B B A 65 St Austell South West D A B D D A 66 Widnes North West A E E E E C 67 Exeter South West E A D A A C 68 Bromley London B D A A A E 69 Burton-on-Trent West Midlands C C C B B A 70 Plymouth South West E A E A A C 71 Darlington North East D B E B C C 72 Dundee Scotland E A D B B D 73 Coventry West Midlands B E A B B D 74 Doncaster Yorkshire and The Humber C C E B B B 75 Tunbridge Wells South East D B B A B D 76 Peterborough East of England C C B B B B 77 Leigh North West A E D E E B 78 Liverpool North West C C E A A E 79 Welwyn Garden City East of England A E A D E E 80 Shrewsbury West Midlands E A E C C B 81 Worcester West Midlands E A D B B E 82 Hull Yorkshire and The Humber E A E B B B 83 Crawley South East D B B B B E 84 Glasgow Scotland E B E A A E 85 Chelmsford East of England C D B B B D 86 Barnsley Yorkshire and The Humber B D C E E B 87 Kidderminster West Midlands C B E D D E 88 Hounslow London B E A D D E 89 Norwich East of England E A B A A C 90 Cheltenham South West D B C A A D 91 Sunderland North East B E E B C C 92 Scunthorpe Yorkshire and The Humber E A E D D B 93 Telford West Midlands D B E C C C 94 Worthing South East D B B B C E 95 Blackpool North West E A E B B A 96 Oxford South East D C D B A D 97 Woolwich London B D A E E C 98 Sheffield Yorkshire and The Humber C D D A A D 99 Lancaster North West E A E C C C 100 Grimsby Yorkshire and The Humber E A E B B A METHODOLOGY CACI’s research for the Hot 100 ranking takes into account a combination of headroom for future investment, residential catchment size, population growth, competition and catchment demographic to highlight the 100 locations across the UK that provide the biggest opportunities to investors. Headroom Headroom looks at the relationship between catchment size and competition from other locations to assess whether there is scope to increase the retail offer in a particular destination. This is the most important and the most heavily weighted variable in the model. Centre dominance in catchment This is a measure of how dominant an individual destination is within its catchment area. It takes into account the levels of competition provided by nearby towns and cities, as well as the size and strength of the particular retail destination in question. 10-year population growth This is a measure of how much the population of a retail destination’s catchment area is likely to grow over the next 10 years. Residential catchment size Rather than simply assess the number of people living in a particular catchment area, this is a measure of the amount of money the people living in an area have at their disposal. Worker and tourist potential When considering the opportunity in a retail destination it is important to consider all potential customer groups. The worker and tourism potential metric measures the contribution of these customer groups in that destination. This is particularly important in places with low residential numbers but large numbers of commercial buildings and tourist destinations. For instance, at the last census, the City of London’s population was just 7,400, but 392,400 work there on a daily basis. Any analysis that failed to take account of the spending power of the City’s workforce would be meaningless. Retail mix fit to catchment This ranks centres based on how well the current retail offer aligns with the demographic of the catchment. The metric is particularly useful in areas that are seeing rapid gentrification. Ealing Broadway in London, for instance, has seen the affluence of its catchment area increase hugely in recent years, but the area’s retail offer has failed to keep pace. For this reason, the investment opportunities are strong, hence it is third in the Hot 100.