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The UK high street has lost over 6,000 storefronts in the past five years as the vacancy rate increased to 13.9% in Q2 2023, according to the latest figures from the BRC-LDC Vacancy Monitor.
The Q2 performance was 0.1 percentage points worse than Q1, however it is 0.1 percentage point better than the same period last year.
The monitor also found that Shopping Centre vacancies remain unchanged at 17.8%, the same level as Q1. Retail Park vacancies fell to 8.1% in Q2, a 0.6 percentage point improvement from Q1 2023. It continues to remain the retail location with by far the lowest vacancy rate.
Geographically, Greater London, Southeast and East of England again had the lowest vacancy rates. The highest rates were in the Northeast, followed by Wales and Scotland.
Helen Dickinson OBE, chief executive of the British Retail Consortium, said: “The past five years saw Britain lose 6,000 retail outlets, with crippling business rates and the impact of the Covid lockdowns a key part of decisions to close stores and think twice about new openings.
“The North and Midlands continue to see the highest amount of empty storefronts. London’s vacancy rate remains the lowest, improving over the last quarter thanks to the opening of new flagship stores, more office workers, and tourists visiting the capital.”
She added: “To inject more vibrancy into high streets and town centres, and prevent further store closures, Government should review the broken business rates system. Currently, there’s an additional £400m going on retailers’ bills next April, which will put a brake on the vital investment that our towns and cities so desperately need.
“The Government announcement earlier in the week about making changes of use to vacant units easier is welcome but it’s important local councils have a cohesive plan, and don’t leave gap-toothed high streets that are no longer a customer destination and risk becoming inviable. Government should go one step further and freeze rates bills next year. ”
