“Across the country, 13.5% of shops stand empty, the lowest vacancy rate since 2020, with a further drop expected next year.”
That’s a line from one press story this week.
Now I get that a single positive national media article doesn’t a switch of narrative make…
…but I wanted to share in case you missed it, especially headed as we are into a month when the glooming tends to be at its heaviest.
I recognise that the #highstreet still has its challenges and that we’ve much to do yet.
…and I understand that the study this article was based on will typically be outnumbered in the days and weeks ahead by gloomier ones.
Also, as I’ve already had pointed out, some of the data that’s made for its upbeat take will be around shopping centres and even out-of-town retail parks.
…and that single national average headline rate may not match the figure or direction of travel for your town or city centre.
But still (and here’s another quote from it)…
‘Will Lund, the head of retail capital markets at Knight Frank, said: “With online penetration flatlining and retailers reinvesting in physical space, the narrative around #retail has fundamentally changed. We have great confidence that this demand is going to drive a return to decade-high investment volumes in 2026 and we are expecting a busy year.”’
I’ve long said that, with all the work being done by local #placemaking and property teams, the focus on tackling vacancy in an increasing number of places, the lengthening list of national and international brands opening new stores and venues, and the pick up of the idea that ‘alternative’ / additional uses: arts & crafts, creative, culture, community, history & heritage, leisure, education, health and health & wellbeing can be go-to candidates for empty spaces, the average headline vacancy rate was going to fall.
If we can persuade the government to: “Ask (and resource) every local authority to report on vacancy numbers twice a year, and work with agents, landlords, businesses, community, cultural organisations, chamber and BID where there is one to overcome barriers to let…” I believe we can get it down further, quicker. Hopefully into single figures.
It’d be great to hear how you see things…?
