Credit Crunch

The credit crunch means we're all counting the pennies.

It's not just individuals suffering, a number of independent and national retailers are feeling the pinch causing widespread cutbacks and closures.

With all these money issues you wouldn't be alone in thinking it wasn't the best time for Leicester to gain a whole host of new shops in the guise of the new Highcross Centre.

BBC Leicester's Helen McCarthy has been out and about in the City Centre speaking to shoppers and the men in the know...

There are mixed views from shoppers. One commented:

"It's very sad because everything is going to be concentrated in that centre and the rest of the town's going to look a mess."

However another felt that it was healthy for the city shoppers to have a wide choice of retailers:

"Competition has never harmed anybody and I think if you've got two shops competing that can only be a good thing."

Highcross under construction

Beneficial

Martin Trainer from Leicestershire Chamber of Commerce agreed that the Highcross development spells good news for all of the city.

"I actually believe that now Leicester is going to become a regional shopping centre this will rapidly increase the amount of [shoppers] coming into the city.

"The impact of that will be that all retailers will benefit."

He went on to say that recent losses of well known brands in the city centre are not directly down to the new mall:

"I think we are aware on Gallowtree Gate that Gap are dropping out and think that's more to do with their own particular trading difficulties, not necessarily a result of Highcross."

Fashion at The Haymarket

Complimentary Shopping

Leicester is of course home to more than one shopping centre.

Phil Toyne from the Haymarket Shopping Centre isn't too worried about competition:

"We overlap in the middle but generally we are the value end of the market and the Highcross will be aiming for the upper end with the designer label names and London names that they're bringing in.

"So we do largely compliment each other."

This is not to say Phil is too laid back about the imminent relaunch of their longtime competitor:

"We've got an advertising campaign planned that will focus on pointing out to the city that we're still here, we're still open for business and we've got plenty of great shops in the centre which will attract people to the city."

So, despite the fears of some Leicester locals, as far as the business bodies are concerned we really are lucky to be in Leicester!