LDC Report Warns: Too Many Shops

Posted on 12 September, 2012 by Jodee Redmond

Shop vacancy rates in the United Kingdom rose slightly to a national average of 14.6 per cent as of June 2012, according to the Local Data Company. With the exception of London, vacancies were up in all parts of the country in the past year. The capital city’s average vacancies fell from 10.7 per cent to 10.1 per cent.

Nearly one-third of retail commercial properties in Nottingham is sitting empty. The vacancy rate has jumped from 7.5 per cent to 30.6 per cent, and is currently the highest in the country. Walsall and Stockport have the second and third-highest vacancy rates, at 29.6 and 28.4 per cent, respectively. All the centres with the highest vacancy rates are located in Midland, the North, or in Wales.

With a vacancy rate of 7.7 per cent, Salisbury is the best-performing centre in the UK. Cambridge has the distinction of having the second-best record in the country. Chesterfield came in third with a vacancy rate of 8.7 per cent, followed by York and Harrogate at 9.6 per cent and 10.3 per cent.

The LDC’s report, entitled, “Too Many Shops,” collected data from 145,000 shops in 506 town centres. The conclusion reached after the results were analysed was that falling consumer spending and the global financial crisis are key factors in the current retail slump.

Consumers are cautious about their spending and are looking for the best prices when they shop, which means their habits have changed over time. More buyers are turning to the Web when making purchases, which means brick and mortar stores have even more competition than the shop down the street or across town. According to the Centre for Retail Research, online retail sales in the UK are expected to reach £57.39 billion in 2012, representing an increase of 14 per cent over 2011 figures. With this shift in buying habits, the face of retail shopping may be changed forever.




Leave a Reply


Recent Posts

BAM-sells-Glasgow-CONNECT110NS-to-Deutsche-AWM

BAM sells Glasgow CONNECT110NS to Deutsche AWM

Birmingham-NIA-to-Become-Barclaycard-Arena-following-Facelift

Birmingham NIA to become Barclaycard Arena following Facelift

close-up of a mens hand refilling the car with a gas pump

Motoring Organisations welcome Supermarket Petrol Price Cuts but PRA warns of Forecourt Closures

Grant-kickstarts-Sci-Tech-Daresbury-Expansion

Grant kickstarts Sci-Tech Daresbury Expansion

Water treatment tank with waste water with aeration process

Industrial Park planned for derelict Yorkshire Water Works site

Warm-Weather-hits-Sales-at-Next

Warm Weather hits Sales at Next

British-Land-announces-40m-Drake-Circus-Leisure-Scheme

British Land announces £40m Drake Circus Leisure Scheme

allianz-moves-into-irish-property-market

Allianz Moves into Irish Property Market

Image of norwegian city of Alesund during twilight blue hour.

Norway Leaps into Top Ranks of Foreign U.S. Commercial R.E. Buyers – Second Only to Canada

Property-Professionals-Commit-To-MIPIM-UK

Property Professionals Commit to MIPIM UK

Royal Bank of Scotland HQ Dundas House Edinburgh

RBS and NatWest introduce Business Accelerator Hubs

Woman In Love On Romantic Date in Restaurant** Note: Shallow depth of field

Former Pizza Express Owner snaps up Restaurant Chain

Construction workers going to work wearing helmets

North East Developer aims to expand beyond Heartland

Aldi-joins-Supermarket-Price-War-amid-Expansion-Plans

Aldi joins Supermarket Price War amid Expansion Plans

Another-Tenant-confirmed-at-Four-World-Trade-Center

Another Tenant confirmed at Four World Trade Center

Manual forklift pallet stacker truck equipment at food warehouse

B&M seeks Leaseback Deal for ‘serious’ Merseyside Warehouse