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| UK shop vacancies rise in post-Christmas lull Over 10% of shops on the UK's high streets are now vacant or available to lease according to the latest Retail Availability survey from real estate adviser Cushman & Wakefield. The figure of 10.7% at 1st February is a marginal increase of 0.4% over the previous three months when availability fell for the first time in 2009 by 2.3%. That figure was boosted by temporary lettings in the run up to Christmas. The new figure however is almost 2% below the peak recorded in August 2009 of 12.6%. At 1.5% of the total number of shops surveyed, availability as a result of retailer administrations has fallen by a marginal 0.3% despite some reasonably high profile casualties including Diamonds & Pearls, Ethel Austin and Threshers. London remains the most polarised regional market with the centre of the capital recording one of the lowest national availabilities of only 7.9% whilst the suburbs recorded the highest at 17.4%. Outer London now has the highest percentage of shop units linked to administration at 5.75%, an increase of 0.4% increase in the last three months. Many regional centres in outer London have also been affected by the opening of Westfield London and the expansion and improved retail offering of Brent Cross. Overall, the Midlands has seen the highest increase in availability at 1.7% to now stand at 12.1%. Birmingham still has the highest availability in the region with Nottingham the lowest at 8.7%. The region however has among the lowest UK vacancy rate because of retailer administrations, evidence that it has now seen the worst impact of the recession on its central retail area. In spite of the apparent recent emergence from the recession in the UK, the availability of shop units is still high compared to the market of just a few years ago. We are now seeing a real divergence between the key retail areas and other more secondary locations, as there is a flight to quality and dominance. The future retail landscape in many towns and cities could be changed for ever if strategic action is not taken to reinvent or reposition the retail offer. write your comments about the article :: © 2010 Construction News :: home page |