// 1 in 10 UK high street shops are sitting vacant
// UK rents, excluding London, has declined by almost 50% since 2008
A new report has revealed that a third of stores on the UK’s high streets have remained empty for more than two years.
According to real estate firm Colliers International, one in 10 high street shops in the UK are sitting vacant, illustrating tough trading conditions.
“Space that has been empty for a period of time this prolonged will never, in all likelihood, have a retail use again,” Colliers International co-head of retail Dan Simms told The Daily Express.
“What’s encouraging is that the retail property market is already well underway in its response to this and there are repurposing projects taking place across the UK to help reduce, convert and, in some cases, remove this empty space entirely.”
Meanwhile, subdued consumer spending, growing business costs and the shift to online have contributed to the vacant high streets as demand for shops continues to decline.
Rents in the UK, excluding London, have declined by almost 50 per cent since 2008.