High street recovery set to happen

A GLOBAL property firm has said the number of empty shops on the high street across Yorkshire and the Humber continues to increase. 

The global property company, Colliers International, which is set to publish its annual Midsummer Retail Report – Is the High Street Dead? – said the region has a vacancy rate of around 17.5%, higher than the national average of 14.5% and 1% higher than the North East. 

However, it predicts that the high street will gradually recover over the next seven years and by 2020 the number of empty shops nationally will have fallen from its current level of 12% (of total floor space) to about 7%.

Greg Styles, head of retail development at Colliers International and based in Leeds said: “This recovery will be selective with the major city centres, such as Leeds and Sheffield, seeing the greatest reduction in empty shops and the medium sized centres seeing the least.

“The recovery will largely be driven by a significant increase in the GB population (3.3m additional people to 2020) and modest economic and expenditure growth. 

“Another factor will be internet sales, which are currently about 13% of all non-food expenditure, that are likely to rise to about 20% nationally by 2020.  After this, the rate of growth levels off and, therefore, online sales will no longer be as much as a threat to high street as by then, successful retailers will have aligned their internet and property strategies.”