This year has witnessed the highest number of shop closures since 2004, with some 6,000 premises closing their doors in the first six months of 2020 alone.
EG Retail Disrupted: The pain & the potential reveals:
- The number of retail properties coming to market has increased by 40% year-on-year with some 7,500 empty units looking for a new occupier
- Lease lengths have fallen by 28% over the past decade, with average rents dropping by 27%
- Planning permissions to develop new shops has fallen by 50% with applications for new space dropping by 70% over the past four years
- The speed of permission for shop development has decreased from 143 days to just 78
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