The number of store vacancies has declined for the fifth consecutive quarter.
The overall rate of store vacancies across the UK improved to 13.8% in Q4 2022, according to the BRC-LDC Vacancy Monitor. This is 0.1% better than Q3 and 0.6% better than Q4 2021.
Shopping centre vacancies improved to 18.2% in Q4 compared with 18.8% in Q3, while high street vacancies improved slightly from 13.9% to 13.8%.
Retail parks continue to show the lowest vacancy rate at 9% in Q4 – a 0.7% reduction from Q3.
Greater London, the South East and the East of England reported the lowest vacancy rates in the country whereas the highest rates were in the North East, followed by Wales and the West Midlands.
‘While the number of empty stores reduced in the final quarter of 2022, vacancy rates have not recovered to pre-pandemic levels. Retail occupancy was boosted by the return of international tourists visiting UK towns and cities, and more frequent visits to offices,’ says Helen Dickinson, British Retail Consortium chief executive.
‘The first half of 2023 will likely be yet another challenging time for retailers and their customers. There are few signs that retailers’ input costs will ease, putting further pressure on margins and making businesses think twice on how much investment to make.’
