National figures out today show that the number of empty shops has continued to fall but remains higher than pre-pandemic levels amid fears that falling consumer confidence will test the fragile recovery.
The overall vacancy rate across Britain fell to 13.9 per cent in the third quarter, 0.1 percentage points better than the previous quarter and 0.6 percentage points better than the same period last year, the British Retail Consortium and Local Data Company reported.Shopping centre vacancies fell to 18.8 per cent, down from 18.9 per cent in the second quarter, while high street vacancies decreased to 13.9 per cent from 14 per cent.
"Higher costs are already pushing up prices and the industry faces a Government-imposed extra £800 million business rates bill from April 2023. This will force many retailers to make tough decisions about whether to invest in new stores or close existing ones. "However, we can't ignore oncoming economic pressures as consumers face a winter of increased caution and reduced disposable income. Just as the market has started to find its feet, we are now about to face a new round of tests - but perhaps the lessons learned during the pandemic will help chains and independents to weather the coming storm.