New figures from British Retail Consortium (BRC) have shown that more than one in ten shops are currently empty.
This represents the highest level of empty retail premises since the BRC began collecting High Street occupancy data in July 2011.
Their headline town centre vacancy rate of 11.3% was calculated before the imminent closure of some Comet stores.
As with all things property, there are big regional differences.
The worst area for High Street retail vacancies is Northern Ireland, with 20% of shops currently empty.
Wales and North Yorkshire both have 15% of their retail premises empty.
Looking down the High Street here in Cranleigh, where Informed Choice is based, there are currently only three empty retail premises. Two of these are currently being refitted for occupancy by new retailers; a mountain bike shop and a betting store.
It appears that in Surrey at least the empty High Street syndrome is not too serious.
Empty shops can have big implications for commercial property funds, particularly when they hold a high proportion of retail stocks.
Our property fund research earlier this year found that six property funds had over a third of their assets invested in retail properties.
When High Street retailers struggle during difficult economic times, this can have an impact on the rental income and property values for these funds.
With the important Christmas trading period coming up, the next few months could be a ‘make or break’ time for several more high profile retailers.
We hope not to see too many more join the ranks of Comet, JJB Sports, Clinton Cards, Blacks Leisure, Game and Peacocks as failed retail businesses in 2012.
Photo credit: Flickr/the justified sinner
