Rotterdam retail market is flourishing
The retail market in the Dutch city of Rotterdam is flourishing. The average shop vacancy has dropped from 9.3% in 2015 to 6.3% in 2018. The average store vacancy rate in other Dutch cities is currently at 7.7 percent.
According to global real estate services and investment management company Colliers International, who conducted research into the Rotterdam retail landscape, the strong Dutch economy has contributed to the city’s enviable current retail position. In addition, Colliers International reports that the growing population, as well as the annual increase in the number of visitors, which is currently at 8% per year, factored into the positive results.
Recent retail additions to Rotterdam’s city center include international brands such as Hudson’s Bay, Decathlon, Unconventional Wardrobe, TK Maxx, Inconcept and Urban Outfitters. However, Colliers International still sees opportunities for further growth, especially in the city center area. The real estate company believes that clustering stores with other comparable shops maybe an option. Colliers said that the city of The Hague’s city center could serve as an example for this, where stores are clustered by the type of consumer they target.
Colliers International argued in its report that the current fragmentation in Rotterdam makes it difficult for consumers to be able to compare products properly. While clustering may have a positive effect on the number of store visits, and it will make it easier to tie new store formulas to a specific area, the study said.
Another opportunity for the city of Rotterdam is the extension of the luxury segment offer, reported Colliers International. A specific area for this, could be created by extending the Kruiskade to the Karel Doormanstraat and Korte Lijnbaan, said the report. By doing so, a cluster with sufficient scale could be created. According to the firm, interesting brands that fit Rotterdam’s luxury market include Zadig & Voltaire, Maje, Sandro, Reiss and Ted Baker.
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