Online sales coupled with rising business rates have made survival on the traditional high street increasingly challenging for retailers in the UK over the past decade. The latest Cushman & Wakefield research report - U.K. High Streets: Dead or Alive? based on studying the resilience of 250 shopping towns - makes grim reading for many.

But what does it mean for Manchester? Here are the four  big take-aways.

1. Rents In Manchester Haven't Fallen Much, Relatively Speaking

The North West has seen rents slide by a staggering 38%, worse than any other U.K. region. Manchester, however, came out among the tier one locations for retail reslience with rents down by no more than 7%.

2. Manchester Has Some Aces Up Its Sleeve

Being big, relatively affluent and well-known comes with massive advantages. Like other tier one locations the city benefits from relatively low levels of comparison floorspace (SF per 1,000 population) and higher spending densities (£ per SF). There is also plenty of tourist spending sloshing around: tier one locations see 694% more tourist spending that the no-hopers in tier five.

Over confidence would not be wise, despite these pluses. Manchester is ranked 38th in the top 50 high streets. Liverpool is at 34, Chester at 47.

3. Retailer Demand Is Down But Stable

Tier one locations have seen retailer demand fall by around 5% - unwelcome, but modest compared with 10-25% in all other locations.

4. There May Be More Trouble Ahead

Whilst Manchester looks to be surviving better than many retail locations, calculations about retail rent affordability might raise eyebrows - and suggest further slides in rent can be expected.

Cushman & Wakefield say retail rents ought to be in the range 8-12% of comparison retail turnover. In 60 locations they exceed 15% and conclude they may be "on the high side" in those towns.