Demand for property outside traditional retail and pragmatic landlords have given “renewed optimism” for some high streets and shopping districts despite the toll of the pandemic, according to industry experts.
The pressure from lockdown measures, after a steady decline in recent years, saw vacancy rates across shopping destinations hit record levels in the second quarter of 2021.
The tide has not completely turned but rates levelled out in the third quarter as industry experts highlighted recovering demand.
Around 14.5% of high streets store locations remained empty during the quarter, and shopping centres were worse at 19.4%.
The collapse of major brands such as Debenhams and Topshop owner Arcadia at the end of 2020 helped increase the number of empty sites.
These collapses and restructurings have placed increased pressure on landlords, many of whom have had to become more flexible or offer stronger rates to entice growing and appealing brands.
Richard Lim, chief executive of…
