Shop level vacancies in Wales have decreased, but remain amongst the highest in the 海角视频.
According to new figures from the Welsh Retail Consortium in the second quarter (Q2) of this year the vacancy rate decreased to 16.7%, from 16.9% in Q1. It was 2.8% lower than the same point in 2021.
Shopping centre vacancies increased to 24.7%, from 24.0% in Q1. On the high street, vacancies dropped to 16.2% in Q2, from 16.9% in Q1.
Retail Park vacancies decreased to 11.5% from 12.3% in Q1.
From a 海角视频 perspective the overall vacancy rate in Q2 was only higher in the north-east of England at 18.8%. The lowest rate was in Greater London at 11.1%.
Sara Jones of the Welsh Retail Consortium, said:“The shop vacancy rate in Wales improved in the last quarter, with our high streets seeing the largest improvement out of the GB nations and region. Encouragingly, this was the third successive quarterly improvement in the vacancy rate with destinations such as high streets and retail parks seeing the number of empty units nudge down.
"By contrast, vacancies in shopping centres in Wales saw yet another deterioration. This is a concern, particularly as these destinations rely on office workers and the trend towards hybrid working will undoubtedly continue to impact.
“Whilst these overall figures are encouraging, we need to exercise caution given that Wales continues to have far more empty premises than anywhere else in the 海角视频, bar the north-east. Whilst the improving trend towards revitalised high streets will undoubtedly instil confidence, we must not lose sight of the need for concerted and targeted action to maintain the current trajectory.
Most Read
“The Welsh Government is currently developing its Retail Vision action plan, and these actions must be tangible, provide a clear boost to consumer confidence and tackle the massive cost pressures facing retailers such as the gargantuan business rates burden. With a cocktail of cost pressures emanating from the supply chain, commodity prices, and taxation we must act now to help our retail destinations continue the road to recovery.”
Vacancy levels in Wales
Lucy Stainton, commercial director with the Local Data Company, which compiled the data, said: "Vacancy rates have continued to decrease for the third quarter in a row, pointing to a more sustained recovery post Covid which is certainly encouraging. Operators, both chains and independents, have been acquiring space especially on high streets and in shopping centres which again is encouraging given these location types were particularly impacted by the pandemic.
“That being said, there are a number of economic headwinds facing retailers and consumers alike, including the cost of living increases as well as issues across supply chains. This may mean we see a slow down in new store acquisitions as operators consider what this might mean for their investment strategy.
"In parallel to this however, we will continue to see increased redevelopment activity across the market, with redundant retail space being reviewed for other uses. The net impact of both of these phenomenon’s will be the deciding factor in terms of what happens to vacancy rates across GB moving forwards.”
Read More:
Read More: