IN the past few weeks, there have been a number of articles, comments and letters about the business scene in Winchester. 

As authors of the Winchester BID Quarterly Business Barometer Report here are our latest findings. 

They are based on conversations with 67 city centre retailers, hospitality outlets and ‘professional services’ businesses such as estate agents and hairdressers:

1.    The median satisfaction score for ‘business performance’ during the first half of 2024 was 7/10. The 2023 score was also 7/10.

2.    Trading prospects for the rest of 2024 are +5 for High Street businesses and +3 for off-High Street outlets. The scores at the beginning of the year were +6 and +5 respectively. The scale is -10 to +10, -10 being extremely pessimistic and +10 being extremely optimistic.

3.    The High Street retail property vacancy rate is seven per cent. The national rate is 13.8 per cent almost double the Winchester figure. The vacancy rate at the Brooks Shopping Centre is 14.3 per cent. This is its lowest level for some time and compares with a national Shopping Centre vacancy rate approaching 18 per cent.

4.    During the first half of 2024, Retail and Hospitality outlets reported ‘no change’ to physical or in-store sales. The comparable national figure was minus 2.4 per cent.

5.    Independent ‘professional services’ businesses improved sales by 10 per cent during the first half of the year.

6.    The percentage of retail sales purchased online has remained constant during the past 12 months at 36 per cent. 

7.    High Street footfall was unchanged compared with January - June 2023. Nationally, High Street footfall fell by an estimated 4.2 per cent.

8.    Off-High Street footfall fell by nine per cent, a matter of some concern especially for ‘Independents’.

9.    Three-quarters of businesses appear to be in a sound financial position with no ‘cash flow’ issues.

10.    Nearly 60 per cent of the sample reported the same or increased after-tax profits compared with a year ago.

John Kind and Sara Arnold,
Winchester BID Business Barometer Report,
Culver Road, 
Winchester 

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