Spending in Hereford could Increase - Study

A new study has suggested that the Edgar Street Grid retail development could help increase annual spending in Hereford's shops by 24 per cent to nearly £350 million by 2013. And it also says that Hereford will jump 31 places in the list of top UK retail centres.

If correct that could eventually help gates at Edgar Street especially if plans to modernise parts of the stadium go ahead in tandem with the retail development.

Currently Hereford is number 113 but will rise to number 82. This lift will also put Hereford into the top ten West Midlands shopping centres. The study also says that the city will have an extra 26,000 'more regular spenders' than at present.

Stanhope, who are the ESG's retail development partner, commissioned research compacy CACI to check out whether the proposed extra 300,000 square feet of retail would be worthwhile.

It concluded that without the extra development Hereford would continue to lose trade. Currently Worcester is said to take 8% of Hereford's potential trade. Monmouth, Abergavenny, Cheltenham and Ludlow take about 5% each. A new factory outlet is Gloucester is set to take another 5% and there are fears that another new development in Cardiff is also a threat to Hereford.

"Without the investment in the regeneration of Hereford, the city centre will continue to die on its feet", warns the council's cabinet member for economic regeneration, Councillor Adrian Blackshaw.

"However, if we fulfil the plans already put in place by Herefordshire Council and its partners, we will be bringing in nearly 137,000 shoppers regularly. They will spend over a third of a billion pounds a year on non-food items in city shops, including those in the historic core of Hereford. All this means more jobs and more prosperity for everyone as regeneration has a positive impact on the linkages within the wider Herefordshire economy.

"The new research shows that the retail quarter development is vital if the city is to compete more effectively with surrounding centres and prevent a projected decline in Hereford's market potential", added Councillor Blackshaw.

"The figures show that once the regeneration of the city is completed, the spirit of Christmas future is a positive one for all Hereford retailers and shoppers".

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