Shop vacancy rates fall back to 2010 levels

Shop vacancy rates in Britain have fallen back to levels not seen since 2010, according to new figures from the Local Data Company (LDC). 

Shop vacancy rates fell to 13% in March  from 13.1% in February, while the overall retail and leisure vacancy rate also dropped in March to 11.6%, down from 11.7% the previous month.

Matthew Hopkinson, director at LDC said: “These numbers are encouraging and reflect the wider positive news on consumer sentiment and spend. These numbers were last seen back in 2010 so it is a cause for celebration.

“Recent closure news from B&Q and Morrisons show that these numbers can very easily change in the opposite direction. Whilst these numbers show more shops opening, we are also seeing structural change where shops are changing use to alternative uses and March saw the largest number of demolished properties at 95 (40 in February).

“Whilst one should not underestimate the challenges retailers face with price deflation and a very savvy consumer we are continuing to see the growth of food and beverage outlets on our high streets which will occupy vacant shops when planning allows.”