Bury St Edmunds business support group CEO, Mark Cordell, says he ‘cautiously optimistic’ for the coming year, with Primark a good omen for town

The boss of the business support group for Bury St Edmunds town centre says he is ‘cautiously optimistic’ for the coming year.

Mark Cordell, chief executive of Bury St Edmunds Business Improvement District (BID), said that despite the economic headwinds, the town had fared well during the past year, and shown ‘slight growth’.

He also believes that major brands, such as Primark, moving into the arc Shopping Centre, and due to open in March, is a good omen for the town.

He said: “The arrival of a major brand such as Primark demonstrates its confidence in the town, and I’m pretty sure other businesses will follow once they open.

“The brand has a lot of followers and will mean they don’t have to go elsewhere to the Primark stores in Ipswich, Cambridge and Norwich. I am confident the current vacant units in the arc are all likely to be filled during next year.

“Overall, the town centre has remained stable during 2023, with slight growth, despite the national economic difficulties.

“The overall unit vacancy rate is still around seven per cent; half the national average, and we still have good brands and good businesses wanting to come here. This, alongside fewer businesses closing or moving out.

“The vast majority of our businesses remain and the proportion of independents to nationals is still sixty to forty per cent, which is a very good mix.”

The BID is now in its 15th year and key to its operation has been marketing the town to areas including the Midlands, South East and London. This also includes promoting the town through the national press.
Mr Cordell added: “

“Predictions are always difficult but with inflation going down, possibly mortgage rates adjusting, I’m hopeful that 2024 will see an improvement in the economy which will enable people to feel confident to spend more, and support local businesses.

“I am cautiously optimistic for 2024.”