New data released on GB vacancy rates has shown that in Q1 of 2023, the overall GB vacancy rate remained at 13.8%, the same level as Q4 2022, but 0.3 percentage points better than the same period last year.
The data released by the British Retail Consortium this week has outlined how the high street has continued to suffer in recent months and years.
In terms of geography, Greater London, Southeast and the East of England had the lowest vacancy rates, with the Northeast, Wales and the West Midlands suffering the most.
The information made for better reading when it came to shopping centres, which improved a vacancy rate from 18.2% in Q4 of 2022 to 17.8% in Q1 of 2023.
Reflecting on the data, Helen Dickinson OBE, Chief Executive of the British Retail Consortium, said: The vacancy rate in the first quarter of 2023 saw no improvement as cost pressures made many retailers think twice about investing in new stores.
Despite shopping centres holding the highest proportion of empty units compared to other locations, it saw the largest quarterly occupancy increase thanks to the success of outlets as well as recent efforts to repurpose empty units, especially in the Northeast.
She added: “While Northern regions saw the biggest uptick in net openings, they continued to lag behind the rest of the UK with the highest vacancy rates in the country, laying bare the North-South divide.”
Concluding: “With stubbornly high inflation and huge cost pressures facing business, retailers will continue to be cautious about future investments. Any regulatory burdens from Government will only force retailers to make difficult decisions about whether they can open new stores, or if they must close existing ones. By keeping oncoming regulation to a minimum, Government will help to support upholding and growing vibrant communities across the country.”
