Wales has shown the biggest fall in empty units of any 海角视频 nation or region over the past year - but remains near the bottom of the vacancy league table.
According to the latest figures from the Welsh Retail Consortium, the country's vacancy rate has fallen 2.3% to 16.9% over the last 12 months. In comparison London and Scotland have seen rates increase while other English regions have seen smaller falls.
This comes as recent figures showed Wales was the first part of the 海角视频 to return its economy to its pre-pandemic size as it bounces back from the crisis.
But it is not all good news as the vacancy rate remains the second worst in the 海角视频 - with the North East of England (18.8%) propping up the table.
There is also a mixed picture with some towns in North Wales like Llandudno and Conwy performing very well while places like Bangor and Colwyn Bay struggle to recover from the pandemic hit.
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Key figures:
- In the first quarter of 2022, the Welsh vacancy rate decreased to 16.9%, from 17.5% in Q4 2021. It was 2.3 percentage points lower than the same point in 2021.
- Shopping Centre vacancies decreased 24.0%, from 24.5% in Q4 2021.
- On the High Street, vacancies dropped to 16.9% in Q1, from 17.1% in Q4.
- Retail Park vacancies increased slightly to 12.3% in Q1 2022, from 12.2% in Q4. However, it remains the location with by far the lowest rate.
- Rate of 16.9% still around 1% above pre-pandemic level.
Sara Jones, head of the Welsh Retail Consortium, said: “The shop vacancy rate moved in the right direction last quarter, with fewer empty premises on our Welsh high streets. Coupled with improved footfall this indicates signs of a short-term recovery, which will undoubtedly have been bolstered by the easing of Covid restrictions and some key seasonal events.
"That said we are coming from a low starting point, with Wales continuing to top the comparative table when it comes to the number of empty premises, with only Northeast England having a higher vacancy rate.
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“The challenge for our retail destinations will be turning the last quarter’s positive trend into a more sustained improvement in the months ahead, particularly as concerns over the cost of living show little sign of abating and as retailers grapple with the re-introduction of partial business rates.
"The health of Welsh retail destinations is ultimately determined by the state of the overall economy and consumer sentiment, however a sharper and more urgent focus from policy makers is required too. As Wales goes to the polls next week, we need to remind local decision makers of the value of our high streets and the role that retailers play in community building and growth.”
Director, of Local Data Company, which carried out the data, Lucy Stainton, said: “The latest figures show a continued— and welcome— reduction in empty units across nearly all regions in England as well as across both Scotland and Wales, as market recovery continues post-Covid. This decline in vacant space is being driven by further repurposing of retail space, growth in the independents sector and an increase in activity across the chains as well, as many brands are back on the acquisition trail after the pandemic stalled growth.
“Anecdotally, we are aware of rising competition for prime space in both city centres and shopping centres, from both chain retail and leisure operators. This may lead to further polarisation in key locations as activity is concentrated in prime pitches, leaving more tertiary space behind. That being said, this continued decline in vacancy rates is further evidence of more sustained recovery. Whilst there are a number of well-publicised economic headwinds on the horizon, we might still remain optimistic that a proactive, concerted focus on the future of consumer-facing real estate will yield further recovery.”