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High street sees increase in shop vacancies

By FashionUnited

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The national town centre vacancy rate in the UK was 11.9 percent in April, up from 10.9 percent in January 2013, the highest rate since the survey began in July 2011. Footfall in April was 1.0 percent higher than a year ago, an improvement on

the 5.2 percent fall in March. This is the strongest performance since December 2011 when footfall increased 5.7 percent.

Diane
Wehrle, Retail Insights Director at Springboard, said: “The improved weather made a significant difference to footfall performance across the UK in April, with an improvement from -5.2 percent year-on-year in March to 1.0 per cent in April.

“The trading difficulties recorded in March, partly a product of the unseasonably cold weather, have been reflected in a decline in town centre occupancy levels."


Leading retailers leave high street for malls

“This disparity is partly due to the fact that many of the high-profile retail failures, reflected in the increased vacancy rate, have been located in malls, creating holes in their retail frontages which have adversely affected their attractiveness to shoppers. The resilience of high streets is also likely to be a function of their diversity, as they have an offer that spans more than just retail. It is footfall outside usual retail hours that’s demonstrating the strongest performance (+4.9 percent year-on-year in April after 18.00 hours compared with +3.4 percent over 24 hours).”

Helen Dickinson, British Retail Consortium Director General, said: “It’s a major concern that the vacancy rate has reached a record high, driven by increases in almost every part of the UK, with some regions like the South West seeing a significant leap in empty shop numbers. With high streets topping the agenda for many now, there’s a real opportunity here to seize the moment and stem the tide of further closures. Comparatively small steps to tackle deep-rooted issues such as parking, accessibility and rising business costs could make a huge difference to the health of town centres.”

Image: Springboard vacancies
British Retail Consortium
Crisis
High street