Six thousand shops have closed down in Britain in the last five years and the overall vacancy rate has increased since the start of the year, according to the British Retail Consortium.
‘Crippling’ business rates and the impact of lockdowns during the coronavirus pandemic have played a key role in decisions to close stores and to be cautious about new openings, chief executive Helen Dickinson said.
Figures released for the second quarter of this year show that the vacancy rate for the UK’s high streets now stands at 13.9%, up from 13.8% in the first three months.
Shopping centre vacancies remain unchanged from the first quarter at 17.8%, but high street vacancies increased 0.1% to 13.9%.
Greater London, the south-east and the east of England maintained the lowest vacancy rates, with London improving over the last quarter due to new flagship stores as well as a rise in office workers and tourists.
The highest vacancy rates were in the north-east and the Midlands, followed by Wales and Scotland.
Dickenson said: ‘The past five years saw Britain lose 6,000 retail outlets, with crippling business rates and the impact of the Covid lockdowns a key part of decisions to close stores and think twice about new openings.
‘The North and Midlands continue to see the highest amount of empty storefronts.
‘London’s vacancy rate remains the lowest, improving over the last quarter thanks to the opening of new flagship stores, more office workers, and tourists visiting the capital.’
‘To inject more vibrancy into high streets and town centres, and prevent further store closures, Government should review the broken business rates system.
‘Currently, there’s an additional £400m going on retailers’ bills next April, which will put a brake on the vital investment that our towns and cities so desperately need.’
Source: Retail Gazette
