A new report has revealed that Liverpool city centre is winning the battle against vacant stores.
The city is one of the top two performing retail locations in the UK, according to the National Retail Barometer by property advisors Colliers International.
The firm’s latest research of 15 key retail centres throughout the UK recorded Liverpool as having one of the largest decreases in empty shops nationwide, with 20 retail units totalling more than 100,000 sq ft being let in the six months between October 2013 and April 2014.
The improvement in retail fortunes for Liverpool was partly attributed by Colliers to the ongoing success of the £1bn Liverpool One shopping complex.
In the six-month period the percentage of vacant or void shops in Liverpool declined to 11.8% from 14.4% and from 16.3% in October 2010. The percentage of vacant retail floor-space in Liverpool declined to 8% in April 2014 from 12.7% in October 2013.
Liverpool and Cardiff were the top two performers nationwide with Bournemouth, Northampton and Worcester also registering marked declines in retail unit vacancy rates.
The research showed that the number of void retail units in the 15 key locations analysed registered its largest quarterly fall since 2006.
David Fox, head of retail agency North at Colliers International, said:
“Liverpool has become a key component of the North West’s retail trinity alongside the Trafford Centre and Manchester.”
“After a very difficult opening at the height of the financial crisis in 2008, owner Grosvenor has firmly established Liverpool One in the hierarchy of UK shopping and leisure destinations.”
Bill Addy, chief executive of Liverpool BID Company, which represents 1,500 businesses in the city centre, added:
“Liverpool’s appeal as a brilliant shopping destination is rippling right across the city centre with vacancy rates below 3% on Bold Street, St Johns fully let and Clayton Square Metquarter and Cavern Walks all undergoing major upgrades.”
Source: Liverpool Echo
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