Vacancy rates at ten-year low for top malls

The top 20 shopping centres and high streets - including Briggate in Leeds - are experiencing their best vacancy rates for ten years, according to research by DTZ Retail.

Statistics unveiled at the British Council of Shopping Centres conference in Manchester revealed that vacancy rates across these malls and high streets are on average 15 per cent lower than a year ago at 2.55 per cent.

It also found a focus of international retailers acquiring in the UK narrowing to fewer locations with stores such as Forever 21, Hollister and Victoria's Secret acquiring space in the top ten or 20 locations before moving on to continental Europe or Asia. This is a change from the previous pattern of focusing on the top 25 or 30 locations, DTZ said.

Hugh Radford, head of UK Retail at DTZ, said: "These figures may well come as a surprise to many commentators given the ongoing tough retail trading environment and uncertain global economic outlook.

"These figures do, however, only apply to the top 20 malls and high streets in the UK, which are rare, super prime locations."

DTZ said the 'top 20' locations include Buchanan St, Glasgow; the Bullring, Birmingham; the Trafford Centre, Manchester; Briggate in Leeds and a number of malls in and around London including Brent Cross, Bluewater and Westfield London.