The commercial property
Website

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

Chester-BID-Team-joins-High-Street-Initiative

Chester BID Team joins High Street Initiative

OLYMPUS DIGITAL CAMERA

Wave of New Lets announced by British Land

Investment-Stampede-makes-London-the-Triple-A-of-the-Commercial-Property-Market

Investment Stampede makes London the ‘Triple A’ of the Commercial Property Market

Savills-announces-First-Occupier-at-Aston-Advanced-Manufacturing-Hub

Savills announces First Occupier at Aston Advanced Manufacturing Hub

US-Hotel-Sector-on-track-to-reach-Highest-Occupancy-Rates-in-20-years

US Hotel Sector on track to reach Highest Occupancy Levels in 20 Years

Balfour-Beatty-appointed-to-Wolverhampton-Interchange-10-Scheme

Balfour Beatty appointed to Wolverhampton Interchange 10 Scheme

Growth-of-High-Tech-Sector-drives-US-Office-Market

Growth of High-Tech Sector drives US Office Market

Canadian-Private-Investors-outstrip-Pension-Funds

Canadian Private Investors outstrip Pension Funds

Irish-Planners-reject-80m-Shopping-Centre-Scheme-to-protect-Businesses

Irish Planners reject £80m Shopping Centre Scheme to protect Businesses

La-Salle-wins-750m-Manchester-pension-Fund-Mandate

LaSalle wins £750m Manchester Pension Fund Mandate

Euro-Cash-continues-to-support-Speke-Developments

Euro-Cash continues to support Speke Developments

Retailers-urged-to-improve-Disabled-Access

Retailers urged to improve Disabled Access

Relocations-set-to-drive-Leeds-Office-Market

Relocations set to drive Leeds Office Market

MPs-keep-Charity-Shop-Tills-ringing

MPs keep Charity Shop Tills ringing

Scottish-Independence-would-squeeze-Irish-Economy-Experts-warn

Scottish Independence would squeeze Irish Economy Experts warn

Tesco-Market-Share-continues-to-Drop

Tesco Market Share continues to Drop