Super prime retail vacancy rates at a 10-year low
Published: 21 September, 2011
The top 20 malls and high streets in the UK are experiencing their best vacancy rates position for 10 years, according to figures released today by DTZ Retail at BCSC in Manchester.
Vacancy rates across these malls and high streets are now on average 15 per cent lower at 2.55 per cent than 12 months ago, when they stood at 3 per cent.
Hugh Radford, head of UK Retail at DTZ said: “These figures may well come as a surprise to many commentators given the ongoing tough retail trading environment and uncertain global economic outlook. These figures do, however, only apply to the top 20 malls and high streets in the UK, which are rare, super prime locations. These include Buchanan St, Glasgow, the Bullring, Birmingham, the Trafford Centre, Manchester, Briggate in Leeds, and a number of dominant malls around London, including Brent Cross, Bluewater and Westfield London.”
The figures from DTZ Retail show that London in particular, buoyed by tourist spending and the resilience of consumers, continues to perform well despite the global economic recession. Vacancy in Oxford Street, Bond Street, Regent Street and Westfield London is effectively at zero per cent. Bluewater also completed 27 lettings in the last 12 months.
Some of the regional cities are holding up very well where demand for well-configured, prime shops has not dropped away. International retailers and the expansion of successful UK retailers, such as Republic and Superdry, have helped to drive this position.
