Shop vacancies have fallen year-on-year, indicating a further recovery in the High Street and shopping centres.
New data released by the British Retail Consortium and Local Data Company showed that, in the third quarter of 2022, the overall GB vacancy rate decreased to 13.9%, which was 0.1 percentage points better than Quarter 2 and 0.6 percentage points better than the same period last year. This was the fourth consecutive quarter of falling vacancy rates.
High Street vacancies decreased to 13.9% in Q3, which was an improvement on 14.0% in Q2, while shopping centre vacancies fell to 18.8%, down from 18.9% in Q2 2022. Retail Park vacancies decreased to 9.7% in Q3, a 0.5 percentage point improvement from Q2 2022. Retail parks remain the location with the lowest vacancy rate.
The British Independent Retailers Association (BIRA) gave a cautious welcome to the findings.
Chief executive Andrew Goodacre said: “It is always good to see vacancy rates falling as none of us want to see empty buildings on a high street. Whilst this is positive news, we should be mindful of reading too much into it given the current pressures.
“Consumer confidence is still at an all-time low just as we are in the middle of the most important trading quarter for retail. The full impact of the cost of living crisis has not been felt yet and the Chancellor should bear this in mind when he makes his Autumn statement on November 17.”
He added: “We are still very concerned by the reduced consumer spending, high energy costs and the potential for business rates to be increased next year. Vacancy rates are still higher than pre-Covid and so the high street needs constructive support.”
