One in Seven Shops Remain Empty, Despite Lockdown Easing
- One in seven retail units remain vacant due to the pandemic
- Vacancy rate increased to 14.1% in Q1 2021 from 13.7% in Q4 2020
- Third annual increase since Q1 2018
- BRC-LDC’s Vacancy Monitor reports the data
The British Retail Consortium (BRC) and Local Data Company’s (LDC) Vacancy Monitor has revealed that retail vacancies in the UK have increased across all shopping destinations. The overall vacancy rate rose to 14.1% in Q1 2021, up from 13.7% in Q4 of last year. This marks the third annual increase since Q1 2018. Despite much of the market being temporarily closed during the third lockdown, Helen Dickinson OBE, chief executive of BRC, stated that the true impact will only become clear once the market fully reopens. Lucy Stainton, director of retail and strategic partnerships at LDC, noted early indications suggest there is still demand for physical retail as consumer confidence grows with reduced COVID-19 cases, vaccinations, and warmer weather.
Factuality Level: 8
Factuality Justification: The article provides accurate information about the increase in retail vacancies in the UK based on data from the British Retail Consortium (BRC) and Local Data Company (LDC). It also includes relevant quotes from experts in the field. However, it could be improved by providing more context or statistics on the specific industries or types of stores that are most affected by this trend.
Noise Level: 4
Noise Justification: The article provides relevant information about the increase in retail vacancies in the UK due to the pandemic and includes insights from experts in the field. However, it lacks a more in-depth analysis of long-term trends or possibilities and does not offer actionable solutions for businesses or policymakers.
Financial Relevance: Yes
Financial Markets Impacted: UK retail sector
Financial Rating Justification: The article discusses the increase in retail vacancies in the UK and its impact on physical retail, which has financial relevance as it affects companies and the overall economy.
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 text. The article discusses the impact of the pandemic on retail vacancies and its effect on the UK’s shopping destinations.
www.retailsector.co.uk