// Oxford Street retail void rates rises to 17%
// The increase comes as a result of online shopping as well as the fallout from the pandemic
// Around 36 units were empty out of a total of around 215
Oxford Street retail void rates have reportedly risen to 17 per cent due to the increase in online shopping as well as the fallout from the Covid-19 pandemic.
At least 36 units appeared to be empty out of a total of around 215, Property Week reported.
This marks a sharp increase on the 24 out of 264 units that were recorded as standing empty in January 2021, according to Local Data Company (LDC).
Of the occupied units on the street, some are leased to pop-up operators, which offers businesses flexible retail space that are rentable by the hour, while some are leased to tenants on a short-term basis.
New West End Company chief executive Jace Tyrrell said the number of voids was high, but some of the empty units would soon come back into use.
“There’s about £4 billion of developments coming through on Oxford Street over the next three years, which highlights the market confidence,” he said.
Oxford Street has been affected by the closures of major retailers including Arcadia’s flagship Topshop store at Oxford Circus, which is currently being marketed by Eastdil Secured for £420 million, while Debenhams permanently closed its Oxford Street branch last month.