Headlines

Retail Vacancy Rate Hits 12 Percent on Britain’s High Streets

British Retail Consortium maps new direction for town centers

Published

15 years ago

July 23, 2009

VMSD Staff

The British Retail Consortium (BRC) reports 12 percent of town center shops are vacant, an increase of three times over the percentage posted last fall. But, says BRC’s “21st Century High Streets” report, don’t blame everything on the economy. While the rising vacancy rate “shows the impact recession is having on our town center retailing, it also demonstrates that many of our high streets have been struggling for years.”

To stem that tide, BRC is proposing a 20-plan for reinvigorating town center retailing.
Key points include recommendations for “good design” that plays up heritage features and the natural surroundings, easier-access parking and transport and “no new property and business rate burdens” from local authorities.

The consortium may want to discuss its findings on this side of the pond. Data compiled by Faith Hope Consolo, chairman of the retail leasing and sales division at Prudential Douglas Elliman Real Estate revealed a 12.4 percent retail vacancy rate for Manhattan, according to a report by Bloomberg.

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