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 administrations."

Some towns and cities have proven to be extremely resilient to the economic downturn with either wealthy or large population catchments or compelling shopping environments that remain attractive to successful retailers. Of all the prime retail streets analysed, Sloane Street and New Bond Street in Central London have less than 1 per cent of their units available. Outside London, Cardiff, Chelmsford and Guildford have the lowest percentages of available shops at 2.1, 2.9 and 3.4 per cent respectively. This contrasts with other streets in Central London, for example, which, have availability rates of over 20 per cent for varying reasons. In the Midlands, Nottingham has the highest percentage of vacant units at 18.5 per cent.

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