Shop vacancy rate declines in February
The UK shop vacancy rate has fallen to 13.6% from 14.1% a year ago according to figures released by the Local Data Company.
The data, which covers over 2,700 towns and cities across the UK, shows that the overall vacancy rate in town centres fell by 0.5% to 12% in February, which suggests that initiatives being pursued by local authorities and the government are beginning to have an effect.
Matthew Hopkinson, director at the Local Data Company, said: “This is further positive news with regards the reoccupation of vacant units in our town centres. There has been a significant rise in incentives from councils, central government with business rates and more flexible occupation such as pop up shops, which is helping this take up.”
He added: “Whilst we are seeing more positive signs for consumers which ultimately determines the success of shops the real acid test in 2014 and 2015 will be what proportion of these newly occupied units stand the test of time as the omnichannel environment matures and the consumer becomes even more technologically enabled and empowered – only time will tell!”
