The picture across Great Britain
Britain’s vacancy drops to 13.2% in December. The overall retail and leisure vacancy rate has remained at 11.8%.
Fig 1. GB Shop vacancy rate 2008-2014 (Source The Local Data Company)
Fig 2. Vacancy rates by property type December 2014 (Source The Local Data Company)
Analysis of vacancy rates by occupation type shows that Shop vacancy in December was 13.2% (-0.1%), Leisure vacancy was 7.8% (0.0%), and All (Retail & Leisure) vacancy rate was 11.8% (0.0%).
Matthew Hopkinson, director at The Local Data Company commented: “December’s vacancy figures, whilst showing a marginal decline in empty shops, are not showing any significant movement. The decline in the shop vacancy rate is as a result of temporay lets and pop up shops during the Christmas period. The acid test will be to see how these numbers adjust in January and the impact of the adminstrations and closures of Bank and USC let alone the supermarket closures, to name one, that have been announced for 2015.
A promising year lies ahead in that 2014 showed the symbiotic relationship between bricks and clicks, and that physical shopping and collection is alive and well. With low inflation and an uptick in wage growth then 2015 has the potential to see the vacancy rate fall further from its peak of 14.6% in 2012.”
Matthew Hopkinson will present an analysis of vacancy rates in 2014 as well as looking at some of the factors and changes taking place across Great Britain at our Retail Summit in February. To register for the event, please click here
The Local Data Company visits over 2,700 towns and cities (retail centres & Government defined retail core), retail parks and shopping centres. Each premise was visited and its occupancy status recorded as occupied, vacant or demolished. Vacant units are those units, which did not posses a trading business at that location on the day we visited it. The shop vacancy index is based on the shop vacancy rates of the top 650 town centres*. Shops are defined as Comparison, Convenience and Service retail uses.
*CLG retail core