Number of shops now available in the UK stands at 11.2 per cent
27 Feb, 2009, London
High streets in The Midlands and Scotland have been most affected by the economic downturn with 15 per cent of shops currently available for lease according to the new Available Shops report from real estate adviser Cushman & Wakefield.
Cushman & Wakefield’s quarterly analysis of the availability rate of shops in the country’s prime retail areas in 35 towns has been reintroduced in light of the high number of companies entering administration. The current national average stands at 11 per cent. As a barometer of the strength of the national retail sector, Cushman & Wakefield will now undertake the survey quarterly to assess which high streets in towns and regions across Great Britain are proving most resilient to the impact of the economic downturn.
Cushman & Wakefield has also broken down the availability rate of shop units by identifying what percentage of units surveyed are in administration. Only 0.6 per cent of units on Central London’s prime retail streets, for example, are available because of retailers in administration. This contrasts with Outer London which has one of the highest percentage of available units (due to retailer administration) at 4.9 per cent. The national average for shops available as a result of retailer administration is 3.3 per cent with East England joining Central London below this average.
John Strachan, head of retail services at Cushman & Wakefield, said: "at 11%, the
average availability across the country has risen by around 4% compared with more stable
markets historically. Most of that increase appears to be the result of retailer
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