REVO 2016 DATA: So far this year, 7.8m sq ft of retail has been either closed or put at risk of closure due to company restructuring or administrations – and the vast majority of that is in shopping centres, according to data from EGi.
The South East stands out, with almost double the amount of vulnerable space of its nearest rival, at 1.8m sq ft, 68% of which is in malls. In real terms, the biggest region for retail park closures is the East Midlands, standing at just over 131,000 sq ft.
BHS accounts for 6.7m sq ft of the closures, with 87.5% of that coming in town centre locations – a similar split to three out of the four other brands featured, with only Brantano’s closures weighted towards out-of-town locations.
Even in an increasingly digital age, physical stores are still required, but has retail become the ultimate zero-sum game?
A total of 6.1m sq ft of new retail space has been completed in town centres over the last four years as part of major developments [see chart, below], while 2016 administrations have seen roughly the same amount of town centre retail space put at risk: 6.5m sq ft.
- Shopping centres account for 60% of the retail space put at risk by 2016’s administrations
- The biggest impact is in the South East – 1.8m sq ft
- Total sq ft closure, 1.24m sq ft of which is shopping centres
- The region suffering the biggest impact on retail parks is the East Midlands
- Wales has the highest share of space lost on the high street 52%
