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Liverpool city centre’s vacancy rate drops to 6.2%

1 year ago

By The Guide Liverpool

<strong>Liverpool city centre’s vacancy rate drops to 6.2%</strong>

The number of empty shop units has fallen to 6.2% in Liverpool city centre, compared to the national average of 10.2%.

The figures, collated by Liverpool BID Company and Springboard, reveal the vacancy rate, which tracks empty units at ground floor level, is at its lowest since before the pandemic and takes Liverpool below London (8.7%) and the North West average of 9.7%. 

For independent units, the vacancy rate is 42.2% in Liverpool city centre, while the North West is 48.4% and the UK is 42.7%. 

The vacancy rate in Liverpool has seen a drop after rising during 2021 during the pandemic, where it reached 9.8% in October 2021 and 8.6% in January 2022. The national level has also continued to drop. It reached 11.8% in July 2021 and 11.7% a year ago in January 2021 before dropping to 10.2% in the latest figures. 

Across the UK, the vacancy rate is 9.7% in the South East, 9.5% in the South West, 15.9% in Wales, 10.4% in the East Midlands, 12% in the West Midlands, 15.3% in North East Yorkshire and 7.4% in Scotland. 

Jennina O’Neill, Chair of Liverpool BID’s Retail & Leisure Board and Centre Manager at Metquarter says there are different reasons for Liverpool’s performance. 

“Some major brands have moved to Liverpool in the last 12 months, including Decathlon, Flannels, Albert Schloss, Hawksmoor and Gaucho. These openings have a positive impact on vacancy rates but also illustrate investor confidence in the city centre and what it has to offer. There has been a widening of choice in terms of the independents offer and this has given areas like Bold Street a greater variety. Where we are seeing change of use, like Next moving from the large unit on Church Street to the one vacated by Forever 21, we are seeing big brands fill those spaces. As more leisure moves into spaces alongside retail, we are building that mixed use offer that drives footfall”. 

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