News – 23 High Street Banbury to become Tesco Express
The former Lloyds bank Banbury, 23 High St, has been let on a new lease to Tesco plc. The building which has been vacant for some time since Lloyds leaving will be fitted out into a new Tesco Express store. We received a lot of support from the local businesses in leasing to a leading food retailer as there was a high demand for a local supermarket.
Whilst the retail sector has seen an increasing battle to find prime out of town sites for large stores, with much space already taken or set aside for housing development, there are still many high street or suburban areas offering ideal sites for smaller stores.
The nature and dynamics of the high street are for ever changing. The complications and rivalry for out of town sites has lead many blue chip retailers in town pursuing expansion and growth targets. This doesn’t have to have a negative effect on the high street, with many unoccupied premises bringing no economic advantage to the area, new stores are providing extra foot fall and filling in gaps which may not be filled by small independent shops.
The most important factor is that the high street has a healthy balanced mix of stores, contributing to consumer’s needs and the well being of the businesses and community that surround it and rely upon it.