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Vacancy rates back to 2010 levels as Britain’s shop vacancy falls to 13.0% in March 2015

09 April 2015 by Local Data Company

shop_vacancy_13.0

The picture across Great Britain. Britain’s shop vacancy falls to 13.0% in March from a rate of 13.1% in February. The overall retail and leisure vacancy rate has also fallen slightly to 11.6% from 11.7% in February.

Fig 1. GB Shop vacancy rate 2008-2015GB_Shop_vacancy_rate_2008-2015-1

Fig 2. Vacancy rates by property type March 2015

Vacancy_rates_by_property_type_in_April_2015_Source_The_Local_Data_Company

 

Analysis of vacancy rates by occupation type shows that Shop vacancy in March was 13.0% (-0.1%), Leisure vacancy was 8.3% (0.0%), and All (Retail & Leisure) vacancy rate was 11.6%(-0.1%).

Matthew Hopkinson comments:
These numbers are encouraging and reflect the wider positive news on consumer sentiment and spend. These numbers were last seen back in 2010 so it is a cause for celebration!

Recent closure news from B&Q and Morrisons show that these numbers can very easily change in the opposite direction. Whilst these numbers show more shops opening, we are also seeing structural change where shops are changing use to alternative uses and March saw the largest number of demolished properties at 95 (40 in February).

Whilst one should not underestimate the challenges retailers face with price deflation and a very savvy consumer we are continuing to see the growth of food and beverage outlest on our high streets which will occupy vacanct shops when planning allows.

 

Download the 2015 Scottish Retail Report

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