atkinsonsSheffieldUrban regeneration in the centre of Sheffield will bring benefits, according to heritage furniture and department store independent Atkinsons.

The privately owned retailer says the development — though considerably disruptive — is expected to reap dividends and will reach its full potential by late 2016.

Aberdeen Asset Management is driving a rolling regeneration programme transforming The Moor retail complex and surrounding area, with an overhaul of around 700,000 sqft of retail and leisure space.

Atkinsons — located at 78–82 The Moor — saw its turnover decline 3.8 per cent to £6.8m (2014: £7.1m) in the year to end January, though its figures are distorted by its concessioning out of its large catering operation.

That means that Atkinsons’ latest year revenue includes commission only on sales from the catering arm. Gross margin at the business was flat at around 46 per cent while the company recorded a pre-tax loss of £172,307, widening from £139,881 in 2013–14.