Retail availability falls for second consecutive quarter
Published: 01 December, 2010
Research carried out by Cushman & Wakefield shows that the average availability rate of retail units across Great Britain’s top streets has fallen to 8.8 per cent, down from 9.8 per cent in August - the lowest level of retail availability recorded in the last 18 months.
The number of units available within the key retail areas as a consequence of administration has remained stable at 1.4 per cent. Compared with a year ago, the overall level of availability within the main areas has fallen 1.5 per cent, down from 10.3 per cent.
Justin Taylor, head of UK retail at Cushman & Wakefield said: “Whilst concerns remain about the consumer outlook for 2011, the availability of prime retail space has continued to edge down over recent months across most parts of the UK. Encouragingly, one of the regions with the highest rates of availability - the Midlands - has seen a significant fall to under 10 per cent. However, the sharp contrast in fortunes between Central London and the rest of the country is still very much in evidence, with availability in the centre of the capital now standing below 5 per cent, on the back of a weaker pound, buoyant tourist numbers and strong retail sales."
"For prime locations, we are cautiously optimistic that we will see a further gradual decline in availability rates in the coming months. However, as always, the Christmas trading period will be critical for retailers and it remains to be seen how consumers will react to the VAT increase, the forthcoming spending cuts and wage freezes for many public sector employees."
