A number of key towns across the West Country have registered the largest quarterly fall in empty shops since 2006, according to Colliers International’s latest research.
Colliers International’s National Retail Barometer for Q3 2014 shows that the average void rate across the UK by number of units now stands at 13 per cent. Bournemouth, Chippenham, Plymouth and Worcester were among 12 of the 15 locations tracked which experienced significant falls in their vacancy rates.
In Chippenham, vacancy rates are down from eight per cent in 2013 to 5.2 per cent; with Chippenham being the only location outside of London to report single figure percentages.
Bournemouth and Worcester have also witnessed strong falls in their respective vacancy rates and, alongside Northampton in the East Midlands, contribute 45 per cent of the total fall in vacancy seen across Colliers’ sample.
In Plymouth, the opening of the Drake Centre in 2006 has redefined town centre shopping patterns and has led to a similar reduction in vacancy rates.
Colliers International retail specialist, Nick Turk said the latest report suggested that high street’s in the West of England have weathered the worst of the downturn, with vacant space created by high profile retailer liquidations being steadily absorbed.
Nick said: “Following rafts of retailer administrations and rapid technological and consumer change, we are seeing evidence that the High Street is finding a new role within the retail hierarchy.
“By seeking the right mix of national and independent retailers alongside a strong leisure offer, our high streets can be positioned alongside online shopping rather than against it.”
The report underlined the fact that most online shoppers preferred to collect goods rather than rely on home delivery.
Nick adds: “The growth of online shopping will continue to influence the demand for physical stores and retailers are now more focused on building smaller networks of outlets that primarily target the strongest High Streets, shopping centres and out-of-town parks.
“The evidence suggests that a number of units remain unsuitable for modern retail requirements or are simply no longer required in today’s market.
“For retail landlords, the challenge is to provide a key point of difference which will attract shoppers. In this respect, an attractive leisure element and free or cheap parking is essential. All shopping environments need to continue to develop initiatives which will drive footfall and inevitably lead to greater retailer demand for shops.”
In comparison to the situation six months ago, the sample centres have collectively registered a decrease in vacant space of more than 300,000 sq ft. Total vacancy across the 15 tracked locations now stands at 1.8m sq ft.
