Cardiff’s iconic arcades are experiencing a resurgence in activity as businesses within them make a recovery from the impact of the pandemic-induced closures. The Morgan Quarter, home to the historic Morgan and Royal arcades and located in the heart of Cardiff, is on the path to full occupancy for the first time in ten years following a recent letting deal. Currently, the quarter boasts an occupancy rate of 98.5%, with just one out of its 65 units available for rent.
Owned by the Greater Manchester Pension Fund, the Morgan Quarter covers nearly 400,000 square feet and was acquired from Helical in a £55 million deal back in 2017. The quarter’s occupancy rate has been steadily climbing, especially after facing a significant drop to 77% during 2020/21, leaving 15 units vacant at the time. The recent letting deal saw the opening of Wales’ first permanent Sweaty Betty store in the Hayes, alongside other leading brands such as Lucy and Yak and Bird and Blend Tea Co.
The footfall in the Morgan Quarter has seen a notable increase, with over 100,000 people passing through the arcades on a weekly basis. The presence of established independent stores like Spillers and Wally’s, as well as newer additions such as Secrets of Wales, adds to the vibrant mix of offerings in the quarter. The strong performance of the quarter in terms of lettings is particularly significant amidst a backdrop of declining trends across the UK, with research indicating an average closure rate of 38 shops daily, as highlighted by accountancy firm PwC.
Samantha Provis, the manager of Sweaty Betty Cardiff, expressed pride in being the first Sweaty Betty store in Wales and emphasized the support and sense of community within the Morgan Quarter. Marika Jones, the centre manager at Morgan Quarter, echoed this sentiment, noting the diverse range of businesses choosing to set up shop in the quarter, from small independent ventures to globally recognized brands like Sweaty Betty. The collaboration and shared success among the businesses contribute to creating a welcoming and thriving environment within the historic arcades.
With an annual rental income of £2.9 million, the Morgan Quarter continues to cement its position as a prime retail destination in Cardiff, offering a unique shopping experience steeped in history and character. The recent developments within the arcades signify a positive outlook for the retail sector in the city, showcasing resilience and adaptability in the face of challenges. As businesses within the Morgan Quarter continue to bounce back, the future looks promising for this beloved hub of commerce and community in Cardiff.