Supermarket retailers are developing at a rate that is much faster than other high street outlets during the current economic climate, as people struggle to afford luxury items.
According to Jason Sibthorpe, director of retail at GVA Grimley – which establishes partnerships with developers, investors and local authorities – stores such as Asda, Tesco and Sainsbury’s have been prospering for “some time”.
Mr Sibthorpe explained the need for consumers to eat is the main factor contributing to the success of the companies, with many people reverting back to cheaper deals found in these stores in order to treat themselves.
He went on to note there has been a marked increase in the premium product ranges sold in supermarkets, as the average spend on food remains consistent and individuals tend to up-scale purchases to a greater level.
The expert’s comments were made after commercial real estate advisor CBRE reported the surge in development activity among the stores shows little sign of changing as they have collectively grown by more than half since the credit crunch.
Mr Sibthorpe added: “The breadth of their offer is far greater and, in many cases, those stores really become variety stores with a food offering as well.”