Skip to content
Search
AI Powered
Latest Stories

Shop vacancy rates hold steady in final quarter of 2023

Shop vacancy rates hold steady in final quarter of 2023
iStock image
Getty Images/iStockphoto

The overall shop vacancy rate stood at 14 per cent in the final quarter of 2023, unchanged from Q3 and 0.2 percentage points higher than the same period last year, industry data showed on Tuesday.

Geographically, the highest rates were in the North East, though a slight improvement from the same time last year, according to market researcher Local Data Company. Greater London has the lowest vacancy rates.


High street vacancies remain unchanged from the previous quarter, staying at 14 per cent. Shopping Centre vacancies fell to 17.7 per cent, down from 17.9 per cent in Q3 2023.

Retail parks reached the highest occupancy since 2019, with vacancies decreasing to 7.6 per cent in Q4, which was an improvement on 7.8 per cent in Q3. They continue to be favoured by many occupiers, and are set to remain the most popular retail sub-sector.

“This quarter reveals continued notable improvements in both retail parks and shopping centres, with retail parks, in particular, achieving their highest occupancy levels since 2019,” Lucy Stainton, commercial director at Local Data Company, said.

“We anticipate this positive trend will persist, given the continued focus of a diverse range of operators across various sub-sectors. Grocery-led anchors lead the way, but we also observe an uptick in other categories such as health clubs, health and beauty, and food to go. This diversification enhances the appeal of these parks to consumers, aligning with their broader shopping missions.”

Whilst vacancy rates exhibit promising signs, she said it is crucial to remain attentive to persistent vacancy levels across Britain.

“These levels serve as robust indicators of areas requiring structural change and substantial stakeholder intervention. Persistent or long-term vacant stock has risen across all location types and asset classes, highlighting the need for targeted redevelopment to address the lack of demand for traditional uses of these spaces,” Stainton added.

More for you

Leerdammer launches ‘Talk It Out’ initiative in support of YoungMinds charity

Leerdammer launches ‘Talk It Out’ initiative in support of YoungMinds charity

Natural cheese slice brand Leerdammer has launched a new initiative, "Talk It Out", in support of YoungMinds. The new mental health programme will use comedy to help parents and young people to get talking and have better conversations about mental wellbeing.

Research shows that three-quarters (76 per cent) of parents said their children’s mental health had deteriorated while waiting for support from Child and Adolescent Mental Health Services (CAMHS).

To launch Talk It Out, award-winning Bristol born comedian Stuart Goldsmith performed a one-off special stand-up gig at the Bristol Grammar School on 13 January. Encouraging students and parents to tackle talking about mental wellbeing through humour, attendees were also signposted to the expert support, advice and guidance that YoungMinds offers.

Lactalis UK & Ireland hope to roll the initiative out across the UK later in the year, to reach and support even more families in need.

“We have developed an initiative that we hope will really have a positive impact on young people’s mental health but also, importantly, raise awareness of YoungMinds so they can guide parents and their children towards accessing better mental health care," said Heloise Le Norcy-Trott, Group Marketing Director at Lactalis UK & Ireland.

"Leerdammer is an uplifting and comedic brand, so we were motivated to tap into our unique personality with a partnership that would really make a difference among local communities. It’s clear that talking about mental health can be hard, but humour is a great way of initiating a conversation about difficult subjects which are often avoided by families. We hope by using Leedammer to support YoungMinds – and by bringing comedians in to speak to the students – they and their parents will see how essential it is to start these conversations and realise there is support out there available to them.

“We are piloting the idea this month, then aiming to roll this out across the UK later in the year so we can reach and support even more families in need. We are always looking at ways to strengthen our positive impact across the UK and are grateful to Stuart Goldsmith for taking time to help spread the word.”

Vernon Samuels, Parent Engagement Officer at YoungMinds said: “We are delighted that Leerdammer is bringing attention to YoungMinds services in this way and helping to open up the conversation about children and young people’s mental health through “Talk it Out”. Our Parent Engagement Officer in Bristol will be providing community outreach and parent / carer engagement sessions to create a safe space for parents to get peer support, and this initiative will help us reach more people who need YoungMinds’ support.”

Shop window in Crickhowell high street selling a range of locally produced alcoholic drinks

Shop window in Crickhowell high street, in Powys, Wales, selling a range of locally produced alcoholic drinks

Photo: iStock

Welsh government urged to raise minimum alcohol price

The Welsh government has been advised to increase the minimum price per unit of alcohol to at least 65p to maintain the positive impacts observed since the introduction of minimum pricing for alcohol (MPA) in 2020.

This recommendation is the key finding from an independent evaluation report published on Wednesday, which assessed the policy’s effect on alcohol-related behaviours, consumption, and retail outcomes.

Keep ReadingShow less
groceryaid logo

GroceryAid to oversee welfare funds of former Tobacco Trade Benevolent Association

GroceryAid has announced that it will assume responsibility for the welfare funds of the former Tobacco Trade Benevolent Association from early February.

Currently overseen by the Tobacco Pipe Makers & Tobacco Trade Benevolent Fund, GroceryAid said the move will extend the charity’s reach and give current as well as former tobacco industry workers, including those from manufacturing, wholesale and retail, access to its wide range of welfare services.

Keep ReadingShow less
Convenience retail remains 'robust sector despite rising crime'

iStock image

Convenience retail remains 'robust sector despite rising crime'

Convenience retail continues to remain a robust sector despite rising crime and state intervention on unhealthy products, states leading property adviser Christie & Co today (16) in its annual report.

Christie & Co's report "Business Outlook 2025" reflects on key market activity, trends and challenges of 2024 and forecasts what 2025 might bring across the industries, including the convenience retail sector.

Keep ReadingShow less
JUUL2 Ruby Menthol Angled

Switching to JUUL2 matches tobacco abstinence in reducing harmful substance exposure: study

A recent study by Juul Labs researchers has revealed that adult smokers who completely switched to using the JUUL2 system achieved reductions in exposure to harmful and potentially harmful constituents (HPHCs) that were comparable to those who abstained entirely from tobacco and nicotine products.

The study, published in the journal Biomarkers, highlights the potential of JUUL2 as a harm reduction tool for smokers unable or unwilling to quit nicotine entirely.

Keep ReadingShow less