Town centre vacancy rates stabilised at 14.3% during the second half of 2011 but they are set to rise again in 2012.
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| Closing Down Sales |
According to the Local Data Company's latest Shop Vacancy report, Good and Bad News!, the stable vacancy rate during Q2 2011 hid wide differences. Prime centre core areas remain healthy but secondary centres are struggling as multiple retailers exit for large centres, out-of-town locations or as a result of business failure.
Weak consumer confidence, rising unemployment, the growth in retail sales by supermarkets and the internet, a rise in lease expiries and the uncertainty of the banking sector are all expected to prompt a rise in vacancy rates this year.
A significant majority of the high vacancy rates is found in the Midlands and the North in towns and cities including Stockport, Grimsby, Blackburn and Blackpool. The best-performing centres are mainly in the South and West. The best performer was St Albans, which has an 8.2% vacancy rate.
Matthew Hopkinson, director at the Local Data Company, said: "The reality is that the odds are stacked against a positive take-up of shops and as such the new reality of 48,000 empty shops is here to stay unless an alternative use or purpose can be found.
"Technology is driving consumer behaviour to a world of engagement, entertainment and the ability to shop where, how and when we like."
Liz Peace, chief executive of the British Property Federation, said: "Today's figures show that while some high streets are thriving, others remain locked in a spiral of decline. To turn these areas around will be difficult and will need landlords, retailers and local authorities to work closely together to adapt to changes in the way we shop.
"There are a number of proposals on the table for tackling declining town centres. Bringing empty shops back into use by allowing conversion to residential is one that could be implemented quickly and easily.
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