UK store vacancy drops to lowest level in three years

The number of empty stores and retail locations on the British

high street has fallen to the lowest level recorded in over three years, according to a survey from the Local Data Company (LCD). The figures are evidence that a slow economic recovery is underway in UK, as the rate of town center store vacancies fell to 13.9 percent in December for the first time in over three years, since July 2010.

According to the LDC monthly register, which comprises of data collected from over 2,700 cities, town and retail centers throughout the UK, the vacancy rate declined from 14.1 percent from November last year. “December’s drop in the shop vacancy rate is very significant and reflects the more positive outlook that we have seen over the last few months,” commented Matthew Hopkinson, director at LDC.

“Whilst December is THE month to take occupation of a shop, it is wider changes that have resulted in this drop below 14 percent, which we have not seen for over three years,” added Hopkinson. He believes that the fall from November's 14.1 percent rate indicts the “final stages” in the stabilization of UK town centers to fulfill the needs of the nations modern consumers.

The LDC stated that the current level has been aided by a fall in administrations in 2013, the growing adaption of vacant stores to leisure sites and the renovation of locations that have stood empty for a longer period of time. The survey estimated that there is currently 21,975 vacant stores in the nations top 650 town centers.