Member Article

Shop vacancies fall for fifth consecutive month

Shop vacancy across Britain’s high streets has marginally decreased in February, for the fifth consecutive month.

Town centre vacancy rates reduced to below 14.12% from 14.15% in January, following a month in which HMV, Jessops and Blockbusters all fell into administration.

Matthew Hopkinson, director at the Local Data Company commented: “February’s marginal reduction in shop vacancy reflects the changes taking place in town centres where we see shops changing to alternative uses such as leisure which includes food & beverage as well as entertainment uses such as betting shops along with an increase in short term occupation. We have also seen a number of empty shops removed from the stock as a result of demolition and/or redevelopment.

“With the latest rent quarter day having just passed along with some new openings by existing retailers, the re-emergence of previous administrations/closures such as Jessops and HMV there is some positive news to report.

“It, however, has to be taken in the more significant wider context of the requirement for reduced shop numbers as Jessops has shown with a proposed reopening of just 16% of the original store portfolio.”

This was posted in Bdaily's Members' News section by Tom Keighley .