East Midlands city, Nottingham has more vacant retail shop space than any other large centre in the UK, according to a recent report
by the Local Data Company (LDC).

 

LDC counted shop units in the area defined as Nottingham's "retail core", including areas outside of the city centre. As a result it found that the vacancy rate had increased in the last year from 23.1 per cent to 30.6 per cent.

 

Nottingham City Council conducted its own survey of the city centre and marked the vacancy rate as 17.4 per cent last October and councillors have argued that LDC's figures do not paint an accurate reflection.

 

Councillor Nick McDonald, the council's portfolio holder for employment, skills and business, said: "The figures in this survey are not an accurate description of city centre vacancy rates in Nottingham, suggesting as they do that almost one in three shops are empty.

 

"If you walk around the city centre you can see that just isn't the case.

 

"In fact new shops have been opening up in Nottingham and Nottingham still has the fifth highest retail spend outside London."

 

Mr McDonald believes that their own survey of retail units in Nottingham last October (showing a vacancy rate of 17.4 per cent) was in line with the national average.

 

LDC's national average stands at 14.6 per cent, with the increasing number of vacant stores across the country due to
increasing online sales and a dramatic drop in consumer spending.

 

For those looking for retail space in the current climate it is very important to find a unit that can add value to your retail strategy at the lowest cost possible.
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Pall Mall Estates have a wide range of low cost commercial properties across the UK.

Take a look at our available spaces here or get in touch with our experienced team here.

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