In the first quarter of 2022, the vacancy rate for Scottish shops decreased to 15.8%, from 16.1% in the fourth quarter of 2021.
The latest Scottish Retail Consortium (SRC) and Local Data Company figures put this a 0.5% higher than in the same point last year.
Shopping centre vacancies decreased to 20.2% from 20.4%. in the previous quarter, while on the high street, vacancies decreased to 14.8% in the first three months of this year, compared to 15% during the last three of 2021.
Retail park vacancies decreased to 12%, down from 12.6% in the fourth quarter. It remains the location with the lowest rate.
SRC director David Lonsdale said the small reduction in empty shops was a second successive quarterly improvement.
“That said, the vacancy rate remains over a fifth above pre-pandemic levels and one in six Scottish retail stores still lies empty, a very vivid reminder of the heavy economic toll resulting from Covid and associated restrictions.
“The challenge for our retail destinations will be turning this into a more sustained improvement in the months ahead, particularly as concerns over the cost of living show little sign of abating and as retailers grapple with a hodgepodge of supply chain and government-mandated cost rises.
“The health of Scotland’s retail destinations is ultimately determined by the state of the overall economy and consumer sentiment, however a sharper and more urgent focus from policy makers is required too,” he continued, pointing out that two government reports on towns centre recovery have been published in recent weeks, “and the industry is looking to these and local election promises for early and concrete action to rejuvenate our high streets and retail destinations”.
Lucy Stainton, director at the Local Data Company, said: “The latest decline in vacant space is being driven by further repurposing of retail space, growth in the independents sector and an increase in activity across the chains as well, as many brands are back on the acquisition trail after the pandemic stalled growth.
“Anecdotally, we are aware of rising competition for prime space in both city centres and shopping centres, from both chain retail and leisure operators.
”This may lead to further polarisation in key locations as activity is concentrated in prime pitches, leaving more tertiary space behind.
”That being said, this continued decline in vacancy rates is further evidence of more sustained recovery,” she added. ”While there are a number of well-publicised economic headwinds on the horizon, we might still remain optimistic that a proactive, concerted focus on the future of consumer-facing real estate will yield further recovery.”
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