
MSCI figures have suggested that 43 per cent of shopping centre leases and 37 per cent of high street tenancies are due to expire by the end of 2015 ? a worrying prospect after renewal rates plummeted to nine per cent less than two years ago.
This prediction may mean that the trend of falling vacancy rates may reverse, and high street stakeholders need to realise that it?s increasingly unlikely that ?big names? will continue to dominate town and city centres. ?It is my view that there is a disconnect between the ambitions of many “placemakers”, for instance to attract big name retailers to their towns, and the current trends, which indicate clearly that those big names are withdrawing from town centres at quite a pace, especially in smaller, market, and rural towns,? said Clare Rayner, founder of the Future High Street Summit. ?Figures from LDC/bira show that high street vacancy rates have dropped a little; but the national averages mask the detail, which interestingly show that there has been a net gain in independents and a loss in multiples. To me it?s clear that smaller businesses and independent retailers are the ones who are keeping our high streets alive ? so it is essential they get the support they need from the relevant authorities and place managers.? The message is clear: placemakers must encourage businesses that provide for the current and future needs and wants of the local community, and to accept that long-term occupancy of high street units by chain stores is already a thing of the past. Read more about the high street:- Smaller businesses buck failing high street trend
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