Shop closures fall
Feb 12 2010
Shops are still closing on the high street, but the rates are falling
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The rate of shop closures is easing, according to a study from research firm The Local Data Company.
Town centre vacancy rates rose to 12 per cent at the end of last year from 10 per cent in the first half of 2009. This compares to a rise from 5 per cent to 10 per cent in the first six months of the year.
Matthew Hopkinson, director of the Local Data Company, says: ‘In some respects things are actually starting to pick up. The market for fast food, coffee and pound shops is actually beginning to expand, with independent retailers leading the way in these sectors. But unfortunately vacancy rates won't decrease overnight.’
Stephen Robertson, director general of the British Retail Consortium, says: ‘It's good to see closure rates now slowing in some towns, though a lot of our high streets are in a bad way after the recession.
'Many of the problems in town centres have more fundamental causes than the economic slowdown and they will not disappear just because recovery is underway. High street shops are often battling big bills for business rates and rents, parking and access difficulties, as well as failure to manage and invest in the area.’
According to the research, Wolverhampton has the worst vacancy rates at 23.9 per cent, while Birmingham saw rates fall from 14 to 10 per cent.
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