Despite the efforts of initiatives such as Stockport’s Portas Pilot scheme, designed to address the issue of our ‘dying’ High Streets, the North West of England has the highest vacancy rate of shops in the UK at 20.1% with one in every five shops empty.
In a report from The Local Data Company, average vacancy rates in the region are the highest in the country and compare unfavourably with London which has just 9%. The survey analysed more than 1,900 town centres, shopping centres and retail parks over the first half of the year.
The report found that the average vacancy rate in England is 14%, down just slightly from compared with Wales who has the highest national vacancy rate of 17.5% and Scotland nearly 15%. Cambridge recorded the lowest proportion of empty shops at 7%.
Stockport’s Market Hall, Market Square Community Events in Stockport’s Merseyway
Although Stockport recorded a vacancy rate of 29%, efforts are being made to address the issue and attract alternative businesses and enterprises to the High Street; greater emphasis is being put on events that create a new alternative High Street community such as the Teenage Market, The Vintage Market and the Glass Umbrella – all centred around Stockport’s Market Square.
But out-of-town retail parks are also feeling the effects of competition, primarily from online businesses who have little or no overheads. Retail parks have shown the most significant decline in the last six months with a rise of 0.8%.
Matthew Hopkinson, director at the Local Data Company who monitor High Street vacancy and occupancy rates said:
“This report clearly shows that whilst the rise of empty shops has stalled it still remains stubbornly high for many towns up and down the country. Since August 2010 the national average has been above 14%, with a significant number being ‘long term sick’ with little or no prospect of reoccupation as shops.
“In the top 650 town centres alone these empty shops equate to 23 Sheffield city centres being devoid of any trading shops or leisure businesses”. He also added:
“To that end restaurants, bars, cafes and even betting shops have come to the rescue as the growth of leisure takes off in our town centres. Subject to planning, they will be able to absorb some but not all of this excess stock, which is forecast to increase.”
Last week retail guru Mary Portas told MPs she had “taken a battering” from critics for attempts to revive High Street shops; she said that traditional High Streets had been “in decline” for 20 years and trying to reverse this would take a long time.