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Shop vacancies highest since 2008 - report

Published 24th Mar 2012

UK shop vacancy rates rose to 14.6 percent in February, the highest level since June 2008, as more struggling retailers shut stores after Christmas, a report from the Local Data Company (LDC) said on Friday.

This was the highest figure recorded since the consultancy began surveying shopping streets in 650 town centres more than three and a half years ago and was up from the 14.5 percent rate recorded in January, it said.

"It is a timely reminder to the government, who are due to respond to the Portas Review this month, of the significant challenges facing town and city centres up and down the country," Matthew Hopkinson, director at LDC said.

UK shop vacancy rates have surged as retailers shut shops or closed altogether on the back of squeezed consumer spending, government austerity measures and rising inflation.

Last May, the government appointed retail consultant Mary Portas to review the UK's high streets. Her report, which was issued in September, suggests cutting regulations for high- street traders and launching a national market day.

Official data showed on Thursday that UK retail sales suffered their biggest monthly fall in nine months in February and were revised sharply downwards for January, dampening hopes for a consumer revival this year.

Video games retailer Game Group became the latest high-profile victim after filing a notice to appoint administrators this week.

Source: ' Reuters '

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