Over 10% of UK high street shops are empty, according to the British Retail Consortium's (BRC) latest vacancies monitor. The data demonstrates a downward trend for town centres, with the vacancy rate rising over the last four quarters to reach its highest level since April 2015. Rising business rates and high rents, coupled with e-commerce, are reportedly hurting the profits of physical stores. In London, there were more than 1,000 empty retail units in January 2016, up from 1,340 at this time last year, while the number of stores closed fell by nearly half compared to the same period one The data follows the recent announcement that fashion retailer Select has entered administration.
Over 10% of UK high street shops are empty, according to the British Retail Consortium's (BRC) latest vacancies monitor. The data demonstrates a downward trend for town centres, with the vacancy rate rising over the last four quarters to reach its highest level since April 2015. Rising business rates and high rents, coupled with e-commerce, are reportedly hurting the profits of physical stores. Furthermore, the effect of vacancies can be cumulative, said the BRC’s Helen Dickinson, with empty shop fronts deterring footfall, leading to further losses. The data follows the recent announcement that fashion retailer Select has entered administration.