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More shops close as the Covid-19 crisis continues

New figures have shown that the UK shop vacancy rate increased to 13.2% in the third quarter of 2020 from 12.4% in the previous three-month period…. View Article

SHOPPING CENTRES & RETAIL PARKS

More shops close as the Covid-19 crisis continues

New figures have shown that the UK shop vacancy rate increased to 13.2% in the third quarter of 2020 from 12.4% in the previous three-month period.

The data from the British Retail Consortium and Local Data Company also reveals that vacancies in shopping centres climbed to 16.3% from the prior quarter’s 14.3%, while the high street rate rose to 13.3% from a previous 12.4%.

Meanwhile, the rate in retail parks increased to 9.2% from 8.3% in the second quarter.

Helen Dickinson, BRC chief executive, said: “With a second wave of the pandemic underway, we have seen a record increase in the number of shuttered shops. Shopping centres fared the worst among retail sites due to the higher proportion of fashion outlets, where consumer demand has been hit hardest. The uncertain climate has also meant that even those looking to expand are holding off making investments in new stores. As a result, we expect to see the retail vacancy rate continue to rise.”

The figures also show that this was the ninth consecutive quarter of increasing vacancy rates since the second quarter of 2018.

Photo by Georgia Hawkins

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