Hawke’s Bay Retail Sector Holds Its Own

Hawke’s Bay mainstreet retail occupancy levels continue to outperform the Turley & Co March 2020 pre-COVID survey, according to their latest Retail Property Focus Report.

Shopping precincts in Hastings, Havelock North, Napier and Taradale are surveyed twice a year by Turley & Co property analysts and valuers.

“The main retail precincts surveyed at the end of Q1-22 are unchanged at 94% overall occupancy. The same as it was six months prior that was improved by two shops on just pre-COVID occupancy at 93%,” the report says.

Central Napier change was one shop previously vacant now leased and no new vacancies, giving net change one reduction and 91% occupancy.

Upper Emerson St performance in our latest survey is impressive, all retail units fully occupied! April 2017 was the last time this was recorded for upper Emerson St.

Central Hastings change was one shop previously leased now empty, and occupancy 91% being the same as Napier and pre-COVID surveyed levels.

All Hastings CBD blocks surveyed (4) have similar vacancy levels, approximately 2-3 vacant retail units per block.

“At Taradale three shops remained vacant so net change zero with 97% occupancy. Taradale retail occupancy has continually improved from pre-COVID levels notwithstanding COVID setbacks.”

“For Havelock North three shops remained vacant so also net change zero and 97% occupancy. It remains a retail district standout notwithstanding and increase od 10 shop units over 2015-2022, ” says the Turley & Co report.

Since the pre-pandemic survey Q1-20, Napier-Hastings combined shop vacancies decreased by one shop. Napier prime CBD vacancy decreased by one and Hastings prime CBD retail occupancy remains unchanged. Taradale and Havelock North performance has remained strong throughout.

“Hawke’s Bay physical stores retail occupancy 2019-2022 is displaying a stable trend and very good resilience to COVID effects and online retail headwinds.”

For more information https://turley.co.nz/2022/05/13/hb-retail-property-performance-q1-22-trends/

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