High Street Stores Face Challenges in Reletting Amid Pandemic Impact

  • BPF calls for extended empty rates relief
  • 9.9% of high street stores reoccupied in six months compared to 7.5% at shopping centres and 10.3% at retail parks
  • Research shows almost a third of empty stores take more than two years to be reoccupied
  • Melanie Leech, CEO of BPF, urges government support for property owners
  • Current 3-month empty rates relief deemed insufficient by BPF

The British Property Federation (BPF) has called on the government to extend business rates relief for empty properties to 12 months and reintroduce a 50% rate cut for long-term vacant stores. The current policy exempts owners of vacant stores from paying business rates for three months, but research by BPF and Local Data Company reveals that less than one in ten empty shops is reoccupied within six months, with almost a third remaining empty for over two years. Reletting is challenging across all types of stores: 9.9% of high street stores are reoccupied in six months compared to 7.5% at shopping centres and 10.3% at retail parks. Melanie Leech, BPF’s CEO, emphasizes the need for government support as property owners face tax burdens without tenants or income. She argues that extending relief and reducing rates could help revitalize high streets and town centers.

Factuality Level: 8
Factuality Justification: The article provides accurate information from the British Property Federation’s research and presents a clear argument for extending business rates relief for empty properties. It includes relevant data and quotes from Melanie Leech, the chief executive of BPF, to support their position. However, it lacks an opposing viewpoint or alternative perspective.
Noise Level: 3
Noise Justification: The article provides relevant information about the British Property Federation’s call for extending business rates relief for empty properties and includes data from their research. It also quotes Melanie Leech, the chief executive of BPF, providing a balanced perspective on the issue.
Financial Relevance: Yes
Financial Markets Impacted: Property market
Financial Rating Justification: The article discusses business rates relief for empty properties, which impacts property owners and the commercial real estate market.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: There is no extreme event mentioned in the article.

Reported publicly: www.retailsector.co.uk