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The Markets
by Proactive
Proactive UK has moved.
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The Markets
by Proactive
Proactive UK has moved.
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Go to Proactive UK

Retail

Britain sheds 6,000 shops since 2018

Britain has lost 6,000 retail stores in the last five years, although some areas like London have fared better, research from the British Retail Consortium (BRC) found.

Vacancy rates reached 13.9% over the three months to end-June 2023, led predominantly by shop and restaurant closures, the research revealed.

It represents little change from the first three months of 2023 and the same period in 2022 when vacancy rates were at 13.8% and 14.0% respectively.

Retail parks have the lowest vacancy rate at 8.1%, falling from 8.6% in 2023’s first quarter.

London had the lowest vacancy rate in terms of area, lifted by flocks of tourists and office workers returning after the pandemic – as well as specific events like the King's Coronation.

The North East had the highest rate of vacancies followed by Scotland and Wales, while areas in the East and South East also had some of the lowest.

BRC chief executive Helen Dickinson believes the government should put a freeze on rate bills in 2024 to protect owners who are already vulnerable from interest rate rises and soaring energy costs.

Dickinson said: "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."

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