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40% of ex-Woolworths stores still remain empty
New research from The Local Data Company shows that 40% of ex-Woolworths stores still remain empty. Since the last report in July 2009, this has shown a reduction from 60% vacant a year ago.
This equates to over 300 ex-Woolworths stores still remaining unoccupied – a sizeable network for many national retailers. 2.1% of the total (807) are on their second tenant.
The regional imbalance of a year ago has leveled out. The greatest change has been seen in the North East, from only 10% occupied to over 55%. Notwithstanding the Channel Islands (2 units), the highest occupancy can be seen in the Greater London region with 81% occupied, with the next closest being Yorkshire & The Humber on 64%.
‘Pound Shops’ and Supermarkets have maintained their dominance of take up of stores with 22% and 15% of the total being taken by them respectively. This equates to an additional 124 discount centres and 19 supermarkets, versus 12 months ago.
Iceland and 99p stores are the fascias that have the greatest take up of ex-Woolworths stores, with an additional 20 and 26 respectively in the last year. Poundland has also added a significant number at 22 stores, giving it 32 ex-Woolworths stores.
Matthew Hopkinson, business development director at The Local Data Company commented: “This snapshot shows that take up of ex-Woolworths stores has continued, with a majority now being occupied. There are, however, a significant number that, for whatever reason, have not been reoccupied, some in centres that you would least expect such as Cirencester. Are these unoccupied units in locations or towns that are no longer on the radar of the multiple retailers as they seek to consolidate to a smaller network of stores? Are the rents being asked not realistic or are the buildings in significant need of repair or refurbishment that both the landlord and a tenant cannot find a return for such investment at this time? Clearly, with business rates still being paid on these vacant premises, something will surely have to happen!”
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