Town centre vacancies soar
31 July 2009 09:33
The mid-year report from the Local Data Company has revealed that town centre vacancy rates rose from just over 4% in mid-2008 to nearly 12% at the end of June this year.
The retail data company said that the damage was spread across the country, affecting all levels of the retail hierarchy. Its research showed that smaller retail centres seemed to fare better than the larger ones overall. The large centres worst hit included Derby, Liverpool and Leeds, all seeing 20% of their capacity vacant.
Meanwhile, the south fared slightly better, with Croydon and Exeter the only representatives in the top 10, with an approximate 15% vacancy each. Central London had a vacancy rate of 13%.
The personal goods and services sector, including products from jewellery to hairdressing, was the worst hit, with closures continuing to be affected by the unwinding of the Virgin Cosmetics Company and photo processors Klick Photopoint. On the positive side, the sector benefitted from the expansion of the Carphone Warehouse, Vodafone and Martin chains.
In the clothing sector, the collapse of Viyella in January and its purchase out of administration by Austin Reed affected the LDC's data in the first half of 1009, with 35 store closures. Similarly, administration saw 28 Shoe Express stores closing along with 17 Priceless stores and 9 Barratts stores. New openings in the first half saw contributions from Next in Central London and Southend, Internacionale in Wimbledon and Southport and Fat Face in Chelmsford. In the Food sector the "musical chairs" brought about by the purchase of Somerfield by the Co-op continued with Waitrose and Spar buying some of the 100+ stores available. Meanwhile, Iceland took advantage of the availability of Woolworths stores to expand.
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