BRC Warns of Steeper Increase in Empty Shops Post-Lockdown

  • Retail vacancy rates increased to 12.2% in March
  • Shopping centres saw a 0.3% decrease in vacancy rates at 14.1%
  • South West and Wales experienced the largest increases in vacancy rate
  • North West saw the largest decline of 0.2%
  • BRC CEO Helen Dickinson urges UK to follow other European countries in supporting rents
  • LDC’s Lucy Stainton predicts steeper trajectory for vacancy rates this year
  • Independent retailers more resilient than chain retailing, but facing financial challenges due to Covid-19

The British Retail Consortium (BRC) and Local Data Company’s BRC-LDC Vacancy Monitor has revealed a concerning trend for retailers as store vacancies increased to 12.2% in March, with shopping centres experiencing a slight decrease of 0.3% to 14.1%. The South West and Wales saw the largest increases at 0.6% and 0.4%, while the North West experienced the largest decline of 0.2%. BRC CEO Helen Dickinson emphasized the importance of supporting retailers as they face fixed costs like rent, stating that the UK should follow other European countries in supporting rents to protect jobs and revive the economy. LDC’s Lucy Stainton highlighted a consistent increase in empty stores, predicting a steeper trajectory for vacancy rates this year. Independent retailers, representing 64% of the market, may face financial challenges due to Covid-19 but have proven more resilient than chain retailing.

Factuality Level: 8
Factuality Justification: The article provides accurate and objective information from reliable sources (BRC and LDC) about store vacancies in the UK retail industry, including specific data on regional differences and expert opinions on potential future trends.
Noise Level: 3
Noise Justification: The article provides relevant information about store vacancies and their changes in different regions, as well as insights from experts in the field. It also discusses potential future trends for independent retailers. However, it lacks a deep analysis of long-term trends or possibilities and does not hold powerful people accountable.
Financial Relevance: Yes
Financial Markets Impacted: The article discusses the impact of store vacancies and changing consumer habits on retail businesses, which can affect the financial performance of companies in the sector.
Financial Rating Justification: The article talks about the increase in store vacancies, government support measures, and the potential impact on independent retailers, all of which are relevant to financial topics and have implications for companies within the retail industry.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no mention of an extreme event in the last 48 hours.

Reported publicly: www.retailsector.co.uk