In figures that haven’t been recorded since 2015, there is now an unsettling number of empty stores on the UK’s struggling High Streets.
An article by The Guardian last week explains that fashion stores have taken a huge hit. This comes as a result of the online shopping boom and repeated lockdowns. Add to this the gradual change in shopping habits towards digital entertainment, and the high streets are struggling.
Due to the higher rates of Covid and lower disposable income, the Northeast has been the worst hit. Research shows that over a fifth of their stores now lie empty, with little hope of revival.
There have since been numerous calls on the government to review the Business Rates system, which they claim will happen in the Autumn of 2021.
Helen Dickinson, the chief executive of the British Retail Consortium, states ‘The longer the current system persists, the more jobs losses and vacant shops we will see, hurting staff, customers and communities up and down the country’.
There are growing concerns that once the Business Rates holiday comes to a complete end in March, the empty rates will rise further. As a result, many are now trying to think of innovative ways to utilise their empty stores, as there are no longer enough retailers to fill our high streets.
Are you struggling to fill your empty commercial property? Get in touch with FCS to find out how we can save you up to 100% on your Rates.