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Empty Woolworths stores 'highlight retail commercial property problems'
Two-fifths of the retail commercial properties left vacant when Woolworths went into administration almost two years ago remain unoccupied, highlighting the problems faced by the UK's high streets.
This is the conclusion of a new report from The Local Data company, which also revealed pound shops have taken the biggest share of the vacant sites.
Stores such as Poundland and Poundstretcher account for 22% of the sites, followed by supermarkets, which have taken 15%.
The former company recently announced it is looking to move into bigger shops after posting an annual profit increase of 130%.
Other retailers to have moved into former Woolworths shops include H&M, TK Maxx and New Look.
Despite the high vacancy level, Andrew Garbutt of PricewaterhouseCoopers said the UK high street "is experiencing a gradual recovery".
"This will continue as landlords realise what their property is actually worth in today's market and since the abolition of empty property business rates relief," he stated.
Posted by Darren Purse
This is the conclusion of a new report from The Local Data company, which also revealed pound shops have taken the biggest share of the vacant sites.
Stores such as Poundland and Poundstretcher account for 22% of the sites, followed by supermarkets, which have taken 15%.
The former company recently announced it is looking to move into bigger shops after posting an annual profit increase of 130%.
Other retailers to have moved into former Woolworths shops include H&M, TK Maxx and New Look.
Despite the high vacancy level, Andrew Garbutt of PricewaterhouseCoopers said the UK high street "is experiencing a gradual recovery".
"This will continue as landlords realise what their property is actually worth in today's market and since the abolition of empty property business rates relief," he stated.
Posted by Darren Purse
Mon, 23rd Aug 2010