07/01/2009 - Number of empty shops to increase
As the high street continues to be hit by the economic downturn, new research reveals that one in 10 shops will be empty in February.
UK store vacancy rates are predicted to reach 15%, or 135,000 outlets, by the end of 2009 - the highest ever recorded for the UK - according to property consultancy company Experian.
Hardest hit are expected to be smaller market towns, which have to cope with high costs and falling consumer demand.
A number of big high street names have already collapsed, including Woolworths, which has just closed the last of its 807 stores, with the loss of 27,000 jobs.
Childrenswear retailer Adams is to close 111 stores, making 850 redundancies. Administrator PricewaterhouseCoopers said the firm's remaining 160 outlets would remain open while efforts were made to secure a sale.
It is thought 90,000 shops could be vacant by next month, bringing the shop closure rate from the current 7% to 10% by February.
Copyright © Press Association 2009
Related links
|
