The BRC - Local Data Company Vacancy Monitor is a quarterly monitor that tracks the vacancy rate changes to the UK retail landscapes (retail park, high street, shopping centre) as they evolve since Q1 2019.
The rate of store vacancies improved in the third quarter across all retail locations, but physical retail’s recovery is in danger of being held back by an £800m increase in business rates costs.
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While retail footfall has fallen across all parts of the UK, the cost-of-living crisis is deepening existing financial disparities between North and South.
The national store vacancy rate has improved for the third quarter in a row but is still above the pre-pandemic level.
Shopper numbers were boosted by the platinum jubilee in June, but footfall is expected to remain behind pre-pandemic levels for the “foreseeable future” as the cost-of-living crisis impacts consumer behaviour.
Footfall in April dropped across all retail destinations as the sector waits to see whether the month will be a precursor for the future as the cost-of-living crisis deepens.
