The number of high street shops available to rent increases
23 Jun, 2009, United Kingdom
The number of shops on UK high streets available to lease has increased by almost 1% in the three months to May. In its new Available Shops report, real estate adviser Cushman & Wakefield says that on an average UK high street 11.8% of units are available against 11% in February.
3.3% of all shops available are as a result of retailer administrations but this figure is unchanged from February indicating that the number of companies going into administration has decreased and that the majority of companies likely to go under have already done so.
Although the Midlands has the highest number of available shops at 15%, this has remained unchanged from February. Less units are now available in the North and in Scotland whilst the East of England has seen a 2% decrease. Central London has seen the greatest increase in available shops with over 2% more units now available to lease.
John Strachan, head of retail services, Cushman & Wakefield, says: “The average availability of shops across the UK has risen by over 4% compared to the historical average. Although this rise of 0.8% against the previous quarter is significant, it is encouraging that the number of units available as a result of administration has declined. Although Central London has seen a 2% increase in shops available, we expect this figure to fall again as it benefits most from the weak pound and tourist spend and there are a number of major international retailers with expansion plans for the capital.”