The recovery is no longer confined to just London and the South.
■ While the new year might have started with a wave of negativity around the global economy, we do not believe that this will feed through into UK consumer sentiment or behaviour in 2016.
■ Broadly we expect that the positive consumer environment will feed through into stable or improving turnover for most retailers in 2016. However, the story around margins is less solid, with the minimum wage and the business rates review likely to be drags on profitability.
■ In the shopping centre and high street shop investment markets we expect that the majority of requirements will continue to cluster around prime and dominant schemes.
■ However, there are signs of rising investor interest in secondary high street shop assets and pitches, where rents have rebased and yields are yet to reflect the recovering occupational story.
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