Shop vacancy rates at five year low

SHOP vacancy rates in Britain fell slightly last month to the lowest level in more than five years, according to research.

Figures from the Local Data Company showed a rate of 13% in March from 13.1% in February. The overall retail and leisure vacancy rate has also fallen slightly to 11.6% from 11.7% in February.

Analysis of vacancy rates by occupation type showed that shop vacancy in March was 13.% (-0.1%), Leisure vacancy was 8.3% (0.0%), and All (retail & leisure) vacancy rate was 11.6%(-0.1%).

Matthew Hopkinson, director at The Local Data Company said: “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 outlets on our high streets which will occupy vacant shops when planning allows.”