Key findings include:

Independent retail struggles despite changes to business rates.

Following a strong performance in H1 2022, where they saw a net increase of +1,335 units, independents experienced a dramatic about turn. 

Retail parks remain a winning format.

Retail parks continue to be favoured by many GB occupiers, and were the only asset class to record a net increase in units (more openings than closures) in H1 2023. 

Food to go, health & beauty and grocery retail see rapid growth

GB shopping centres saw an even faster decline in vacancy rate in 2022, with a year-on-year decrease of 0.9%. 

Redevelopment projects take shape, although longterm vacant stock continues to mount.

Redevelopment activity continues across the market, although growth has been dampened by continuing economic headwinds. The number of demolished properties saw a year-on-year increase of 27%, reflecting efforts to repurpose long-term vacant space. 

Figure 1: Overall retail and leisure redevelopment activity across GB, H1 2019 - H1 2023 (Source: Local Data Company)

Please click here to download a copy 

The full report includes further detail on:

• Openings and closures
• Vacancy rates across GB by location type (high streets, retail parks and shopping centres) and region
• Redevelopment activity
• The performance of independent retail vs chain stores
• Reoccupation status of ex-department store and Arcadia units
• The fastest-growing and declining subcategories
• The outlook for 2023 and beyond, amid continuing economic pressures

For more information, please see www.localdatacompany.com.