Banding together to show off ‘best street’ in Britain

Dec 5 2008 by Karen Dent, The Journal

BUSINESSES in one of the region’s most prestigious streets are clubbing together to pull in the Christmas shoppers with an event showcasing how the area has changed.

Once the home to banks and professional services, Newcastle’s Grey Street is now the location of bars, cafes, restaurants, fashion shops, jewellers, art shops and beauticians.

The retailers have banded together to organise an open evening with free parking and late night opening next Thursday from 5pm to 8pm, with a prize draw of items worth more than £3,000.

Stephen Patterson, commercial manager for Newcastle’s City Centre Partnership, said: “Over the last five years it has changed from professional services, the top end professional sector, and it has evolved. There are bars, cafes, restaurants – a far more diverse offer on show.

“A good deal was to do with the space being available for the first time in a long time as the banks moved out of town. It has left these fantastic buildings open for a different use.”

Grey Street was voted the best street in Britain in a poll of BBC Radio 4 listeners in 2005 and Mr Patterson says the area has so far managed to buck the trend on the high street and remain busy and vibrant despite the economic slowdown.

He said: “The businesses that tend to be located on Grey Street tend to be at the top end of the market, which I don’t think has been hit in the same way.”

Businesses are also managing to stay ahead of their competitors by teaming up to attract customers.

“They have common ideas on the development of the street and what is good for their business. They all have a similar client base, even though they operate in different markets,” said Mr Patterson.

“It’s fantastic that businesses are being so proactive about their own individual areas and it is a testament to what is a fantastic street.”

'Nailbiting' time ahead

RETAILERS are bracing themselves for “a real nailbiter” of a festive season.

The analysis comes from PricewaterhouseCoopers, which says more than six out of 10 shoppers expect to be financially worse off this Christmas, compared to less than four in 10 six months ago.

Bill Macleod, head of assurance at PricewaterhouseCoopers in Newcastle, said: “Retailers will be chasing sales through considerable discounting. Online vouchers offering discounts of 20% or more will continue to land in people’s inboxes.

“Christmas always comes, it’s just later and later – this year the game of ‘sale chicken’ between customers and retailers in the run-up to Christmas will be especially nailbiting.

“The combination of terrible consumer confidence and retailers planning for the worst means that like-for-likes will be negative versus last year. I would not be surprised if some fascias disappear from the UK high street as further retail administrations occur.”

Retailers that have planned for the downturn this festive season have reduced the number of product lines in stock and looked again at their pricing, according to PwC.

Marks & Spencer and Debenhams have both held 20% off days this week in a bid to entice shoppers to part with their pounds.