A report by Colliers International, 2021 Midsummer Retail Report, has found that 1 in 3 UK retail premises are either vacant, not producing income, or occupied on only a short term basis. The state of the high street is pretty bleak.
We’ve picked out the highlights for you:
- £6.4bn of deals were established across all retail capital markets during 2020.
- £1.7bn of transactions in out-of-town retail assets were undertaken.
- £3bn of back rent is estimated to be owed to retail property owners.
- The online share of UK retail sales peaked at 36% in January 2021.
- Planning reform is paving the way for the change of use of assets and the removal of redundant retail space.
Visit the link to get all of the statistics >> Colliers.
Shoppers are enjoying the convenience and speed of online shopping, and this has brought about the decline in high street shopping. The planning reform could see a large swathe of retail premises (shops, restaurants, cafes, pharmacies, clinics, creches and gyms) converted into residential use, and whilst this may be positive for tackling the housing crisis, it could have a negative impact on the high street that cannot be easily reversed in the future.
We believe planning regulations should be loosened less aggressively to ensure there is stronger protection for the high street but provides vacant property owners with the opportunity to make a profit from their assets.
To learn more about Calztec and how we work with companies to create new and adaptable spaces, please call the team on 0330 113 4500 or email: info@calztec.co.uk