// Store vacancies have dropped for the fifth consecutive quarter
// The overall rate of store vacancies across the UK improved to 13.8% in the fourth quarter of 2022
The number of store vacancies has declined for the fifth consecutive quarter.
The overall rate of store vacancies across the UK improved to 13.8% in the fourth quarter of 2022, according to the BRC-LDC Vacancy Monitor.
This is 0.1% better than Q3 and 0.6% better than the same time last year.
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Shopping centre vacancies improved to 18.2% in the fourth quarter compared with 18.8% in the third, while high street vacancies improved slightly to 13.8% in the final quarter compared with 13.9% in the third quarter.
Meanwhile, retail parks continued to show the lowest vacancy rate at 9% in Q4 – a 0.7% reduction from Q3 2022.
Greater London, the South East and the East of England reported the lowest vacancy rates in the country whereas the highest rates were in the North East, followed by Wales and the West Midlands.
BRC chief executive Helen Dickinson said: “While the number of empty stores reduced in the final quarter of 2022, vacancy rates have not recovered to pre-pandemic levels.
“Retail occupancy was boosted by the return of international tourists visiting UK towns and cities, and more frequent visits to offices.
“These trends have given many retailers the confidence to invest in repurposing and reopening empty units. The North East, in particular, has benefited from this investment boost, with the region seeing the biggest increase in store openings. However, it still lags behind other parts of the UK, with the highest vacancy rate in the country.
“The first half of 2023 will likely be yet another challenging time for retailers and their customers. There are few signs that retailers’ input costs will ease, putting further pressure on margins and making businesses think twice on how much investment to make.”
