EXECUTIVE SUMMARY
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AROUND A THIRD OF VACANT PRIME SPACE HAS BEEN EMPTY FOR MORE THAN TWO YEARS.
THE MARKET RENTS
Across the 400+ locations we monitor throughout the UK, the reductions range from just over 5% in Central London to nearly 13% in Wales, with every region showing notable falls.
Average rents outside of Central London are now 30% lower than 2008 and, taking into account inflation, in real terms rents have halved during the last decade.
VACANCY
For prime UK shops, vacancy stands at around 11% but this is the tip of the iceberg when temporary lets, CVA situations etc are taken into account.
Around a third of vacant prime space has been empty for more than two years.
The overhang of redundant retail space urgently needs to be reduced by repurposing for other – non-retail – uses.
Hotel operators have been the fastest to capitalise on this repurposing trend.
LEASING
Retailers that have a compelling offer and are well aligned to their customer base are expanding their store networks.
Lease flexibility, more turnover-related leases and lower fit-out costs are helping many of these brands to build their presence across the UK.
Uniqlo, Skechers, SpaceNK, The Works, Primark, Oliver Bonas, Deichmann, Mountain Warehouse, JD, Rituals, Anthropologie and Aldi are just some of the brands that are currently growing and doing new deals across the UK.
EXECUTIVE SUMMARY
THE MARKET
RETAIL REIMAGINED
MONEY
IS THIS THE END OF THE GOLDEN AGE OF ONLINE RETAILING?
KNOWLEDGE
SHOPPING WITH A CONSCIENCE
FOOD
REGIONAL UPDATES
CONTACTS
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