propertytalk Live! - Shop Vacancy rates continue to rise as Multiples shrink

propertytalk Live! - Shop Vacancy rates continue to rise as Multiples shrink

The Local Data Company’s latest Shop Vacancy report, titled ‘Terminal Illness or Gradual Decline’, shows a continued increase in the number of vacant shops to an all time high along with a widening of the North-South divide.

Marked differences in health of towns by location, size and retailer mix are more apparent than ever. With the many changes taking place in British retailing the High Street Shop faces its greatest challenge for survival in its history.

Town centre vacancy rates in Great Britain have risen from 12% at the end of 2009 to 14.5% at the end of 2010.

There are two divides. The North/South divide that shows northern and midland regions well above the national average at 16.5% vacancy and southern regions well below it at 12.3%; and the size divide that shows large centres with significantly higher vacancy than average at 16.5% and smaller centres with around 12%.

The North East, North West, East Midlands and West Midlands all see average vacancy rates for large centres around 19%. Yorkshire and the Humber is higher at nearly 21%. London, the South East, the East and the South West all cluster around 14%. Scotland stands out with the lowest regional rate – 12.6%.

There is more divergence amongst the medium-sized centres with the highest vacancy in the North East and North West at 18% to 19%. The midlands regions, the South East and the East cluster around 14% along with Scotland while London shows the lowest overall vacancy at under 10%.

Amongst the smaller centres the North West has the highest vacancy at over 17% followed by the North East at 15%.