Number of planning applications for new shops drops by 9% in one year
New research has revealed that the number of applications to develop new retail stores has fallen 9% in the past year to 6,700.
The study by law firm EMW found that applications declined for the seventh consecutive year and are down by nearly half the number of the pre-recession peak of 11,900 in 2008/09.
Aimee Barrable, principal at EMW, said: “Recent high profile closures will lead to more retail space becoming available on the market. Those retailers still looking to expand their high street presence might look to acquire some of these recently vacated stores instead of applying for any new retail developments.”
“Also, it may be that many retailers wait before committing to any new shop developments until they have a clearer picture of the economy in the aftermath of the Brexit vote.
“In shifting focus away from high street stores towards digital offerings, retailers are continuing to adapt to changing consumer habits as they move even more towards online shopping and home deliveries.”
