Latest news with #retailvacancy
Yahoo
12-07-2025
- Business
- Yahoo
Why does this city have so many empty shops?
It may be Bradford's City of Culture year but, according to a report from the Centre for Cities, the city has more empty shops than nearly every city in the UK, and double those in London and Cambridge. The think tank report claims Newport, Bradford and Blackpool have the highest retail vacancy rate, while London, Cambridge and Oxford have the lowest. So, why is the city so empty, what is being done about it and is UK City of Culture 2025 the boost Bradford needs? John Varey and his family have been running Blossoms Florist from a unit in Market Street for nine months. "It started off as a florist but we're evolving to fit in with the Bradford community," he says. "We're also opening up in Darley Street Market. We're opening a plant emporium up there [and] this shop here is going to be turned into a flower cafe. We're evolving." He suggests the city's empty shop problem could be minimised if the council took more of a role in deciding which businesses were based in which units. "If all these businesses were owned by Bradford Council it wouldn't end up like this," he says. "Because they're privately owned and the guys who own the businesses just want to fill them, they don't care what gets in them. If we had control of what goes in here and the council could sign it off, you stand a better chance." But he adds the City of Culture year has been a boost, and he hopes the city can build on the momentum. He says: "Ever since the City of Culture signs have gone up, we're getting quite a lot of tourists coming in here and we're changing things into gifts for tourism promoting Bradford. "Bradford Council has done an excellent job. What they're doing now is not for today as such. Rome wasn't built in a day. Bradford wasn't built in a day. But it's evolving. "This year is a good standard now to build on." Jonny Noble, chief executive of Bradford BID, says the news that Bradford has a lot of empty shops is not exactly new for those who know the city. "I've lived in Bradford all my life and it has been recognised for some time to be honest," he says. "We've got a lot of not fit-for-purpose retail. In the 1980s and 1990s, obviously Bradford was much more vibrant, shall we say, than it might be classed as now, or the retail scene, generally, in the UK was." Independent retail expert Catherine Shuttleworth agrees. "The landlords of Bradford have got to get real and rethink the space, invest in it, and the council have got to work with the landlords to make it somewhere attractive for people to come and open shops," she says. "Fundamentally, for a modern retailer, you need easy access. "You need air-conditioned shops, you need buildings you can get in and out of, and you need footfall." The report backs their claims, advising one of the reasons Bradford has a high rate of vacant units is too much space. On Thursday morning in the Kirkgate Centre - which is earmarked for demolition but is yet to have an exact date - there are empty units everywhere. And in the Broadway shopping centre, though busier, there are a considerable number of empty shops. A number of retailers, who did not want to speak on the record, say this is because the Broadway rents are too high and the closure of the Kirkgate Centre is affecting the businesses in that area of the city. Mr Noble says BID does its own research into vacancy rates, and that number is starting to drop. "I don't really like the phrase shrinking the city centre, but it's making it fit for purpose and making sure the right offers are there," he says. "We had far too much not fit-for-purpose space that was never going to be brought back into use [as] retail space and, with changing shopping habits, we need an experiential offer where people can touch and feel and smell and see." He says the city needs to shift away from mainstream retailers. "Retail used to be everything. You'd look down every street around the country and see all the same signs. Well, that is not happening anymore. "One thing I would be really keen to see is more independents - they are the life and soul of a city centre." Si Cunningham, chairperson of Bradford Civic Society, says the drop in retail is to do with online shopping. "There's an issue with wider national and international trends and retailers are not needing as many branches anymore, so they are consolidating the bricks and mortar branches into bigger regional centres. "We do risk cities like Bradford, that are not regional centres, losing out because of that, but that probably highlights why it's important for Bradford to have a really strong independent offer." Ms Shuttleworth believes part of Bradford's problem is its close proximity to Leeds and out-of-town retail hubs. "We've seen some really high-profile names pull out of Bradford, particularly Marks & Spencer. I think the reason for it is the provision of shopping outside of town," she says. "Places like Leeds' White Rose Shopping Centre pull a lot of people in from Bradford. "These are easy places to go to, easy places to get in and out of. Bradford's really hard to get in and out of. "Leeds has a fantastic retail offer and is super easy to access either by bus or train." Mr Cunningham says the answer is fewer shops, more restaurants and more culture. "We need to make sure we're promoting things like food and drink and cultural experiences rather than retail," he says. "If we just follow the retail trends internationally then we're always going to end up with high vacancy rates." Mr Noble says that shift is already under way, with the opening of Darley Street Market and more cultural venues across the city, such as Loading Bay and Bradford Live. "We've got a fantastic offer and the place has never looked as good as it currently does," he says. "I am absolutely confident that vacancy rates will drop significantly over the next couple of years and get back to where we feel we should be." Listen to highlights from West Yorkshire on BBC Sounds, catch up with the latest episode of Look North. 'We're finally here,' say traders as market opens Visitor numbers to Bradford rise - but are they spending money? Shoppers dismayed as Bradford M&S ceases trading Bradford BID Centre for Cities
BBC News
12-07-2025
- Business
- BBC News
Why does Bradford have so many empty shops?
It may be Bradford's City of Culture year but, according to a report from the Centre for Cities, the city has more empty shops than nearly every city in the UK, and double those in London and think tank report claims Newport, Bradford and Blackpool have the highest retail vacancy rate, while London, Cambridge and Oxford have the why is the city so empty, what is being done about it and is UK City of Culture 2025 the boost Bradford needs? John Varey and his family have been running Blossoms Florist from a unit in Market Street for nine months."It started off as a florist but we're evolving to fit in with the Bradford community," he says."We're also opening up in Darley Street Market. We're opening a plant emporium up there [and] this shop here is going to be turned into a flower cafe. We're evolving." He suggests the city's empty shop problem could be minimised if the council took more of a role in deciding which businesses were based in which units."If all these businesses were owned by Bradford Council it wouldn't end up like this," he says."Because they're privately owned and the guys who own the businesses just want to fill them, they don't care what gets in them. If we had control of what goes in here and the council could sign it off, you stand a better chance."But he adds the City of Culture year has been a boost, and he hopes the city can build on the says: "Ever since the City of Culture signs have gone up, we're getting quite a lot of tourists coming in here and we're changing things into gifts for tourism promoting Bradford."Bradford Council has done an excellent job. What they're doing now is not for today as such. Rome wasn't built in a day. Bradford wasn't built in a day. But it's evolving."This year is a good standard now to build on." Jonny Noble, chief executive of Bradford BID, says the news that Bradford has a lot of empty shops is not exactly new for those who know the city."I've lived in Bradford all my life and it has been recognised for some time to be honest," he says."We've got a lot of not fit-for-purpose retail. In the 1980s and 1990s, obviously Bradford was much more vibrant, shall we say, than it might be classed as now, or the retail scene, generally, in the UK was."Independent retail expert Catherine Shuttleworth agrees."The landlords of Bradford have got to get real and rethink the space, invest in it, and the council have got to work with the landlords to make it somewhere attractive for people to come and open shops," she says."Fundamentally, for a modern retailer, you need easy access. "You need air-conditioned shops, you need buildings you can get in and out of, and you need footfall."The report backs their claims, advising one of the reasons Bradford has a high rate of vacant units is too much Thursday morning in the Kirkgate Centre - which is earmarked for demolition but is yet to have an exact date - there are empty units in the Broadway shopping centre, though busier, there are a considerable number of empty shops.A number of retailers, who did not want to speak on the record, say this is because the Broadway rents are too high and the closure of the Kirkgate Centre is affecting the businesses in that area of the city. Mr Noble says BID does its own research into vacancy rates, and that number is starting to drop."I don't really like the phrase shrinking the city centre, but it's making it fit for purpose and making sure the right offers are there," he says."We had far too much not fit-for-purpose space that was never going to be brought back into use [as] retail space and, with changing shopping habits, we need an experiential offer where people can touch and feel and smell and see."He says the city needs to shift away from mainstream retailers."Retail used to be everything. You'd look down every street around the country and see all the same signs. Well, that is not happening anymore."One thing I would be really keen to see is more independents - they are the life and soul of a city centre."Si Cunningham, chairperson of Bradford Civic Society, says the drop in retail is to do with online shopping."There's an issue with wider national and international trends and retailers are not needing as many branches anymore, so they are consolidating the bricks and mortar branches into bigger regional centres."We do risk cities like Bradford, that are not regional centres, losing out because of that, but that probably highlights why it's important for Bradford to have a really strong independent offer." Does Leeds take all the shoppers? Ms Shuttleworth believes part of Bradford's problem is its close proximity to Leeds and out-of-town retail hubs."We've seen some really high-profile names pull out of Bradford, particularly Marks & Spencer. I think the reason for it is the provision of shopping outside of town," she says."Places like Leeds' White Rose Shopping Centre pull a lot of people in from Bradford."These are easy places to go to, easy places to get in and out of. Bradford's really hard to get in and out of. "Leeds has a fantastic retail offer and is super easy to access either by bus or train." Mr Cunningham says the answer is fewer shops, more restaurants and more culture."We need to make sure we're promoting things like food and drink and cultural experiences rather than retail," he says. "If we just follow the retail trends internationally then we're always going to end up with high vacancy rates."Mr Noble says that shift is already under way, with the opening of Darley Street Market and more cultural venues across the city, such as Loading Bay and Bradford Live."We've got a fantastic offer and the place has never looked as good as it currently does," he says."I am absolutely confident that vacancy rates will drop significantly over the next couple of years and get back to where we feel we should be." Listen to highlights from West Yorkshire on BBC Sounds, catch up with the latest episode of Look North.
Telegraph
10-07-2025
- Business
- Telegraph
Khan's Ulez hollows out London as empty shops hit decade high
Store closures across London have hit a 10-year high following Sir Sadiq Khan's expansion of the ultra-low emissions zone (Ulez). According to new figures from property analysts firm CoStar, the vacancy rate for shops across all London boroughs soared to 6.2pc this year, compared to 1.9pc in areas immediately outside of the capital. The figures reflect the impact of the Ulez on high streets, particularly after the Mayor of London expanded the charge to cover the whole of the capital two years ago. CoStar's researchers said that while the effects of the pandemic have increased retail vacancy rates across the country, the increases elsewhere were 'more moderate' than those in the capital. Store closures have been proven to be a particular problem in outer London. For example, the number of empty shops in Bromley has more than doubled to more than 20 since July last year, figures show. Retail parks within the Ulez zone are also battling vacancy rates of 4.2pc, CoStar found, compared to 0.2pc for those in unaffected areas. This has been fuelled by a drop in leasing demand, as retailers fear reduced footfall caused by Ulez, which charges drivers whose vehicles do not comply with emissions standards £12.50 a day. Shrinking demand for retail space Thomas Turrell, the Conservative London Assembly member for Bexley and Bromley, said: 'The Conservatives warned the Mayor quite clearly that the ULEZ expansion would have unforeseen impacts on the way people in outer London live and work – and as we see now in the data, one of those consequences is the high street. 'Local economies are struggling already as a result of the Labour Government's catastrophic jobs tax, and the Mayor whacking ULEZ on top is only exacerbating that. High streets are at the heart of our local economies, and I want to see work done to save them before it is too late. 'Sadiq Khan and Labour just don't get Greater London, the ill-advised expansion of ULEZ to Outer London was a clear example of this. Patrick Scanlon, senior director of market analytics at CoStar, said the group's findings signalled that the expanded policy has shrunk demand for retail space. He said that the negative impact of Ulez could potentially be a 'short-term problem' because more drivers will gradually trade their old vehicles for newer ones. However, Mr Scanlon warned that high vacancy rates could have a serious effect on investment. He said: 'The question is how much more vacancy we're going to see because of the Ulez expansion. Investors will tend not to want to buy into areas with systemic high vacancy, so there are implications. Attracting investors might become difficult.' A spokesman for the Mayor of London said that TfL and the GLA's report found the Ulez expansion 'has not impacted footfall or retail and leisure spending in either outer London or London as a whole'. She also pointed to research from the Centre for Cities, the think tank, which concluded that the expansion has not reduced demand for high street goods and services. The spokesman said: 'Recent data shows that Ulez works, driving down levels of pollution and bringing cleaner air to all Londoners. 'With 97.1pc of vehicles seen driving in London now Ulez compliant, the data also shows that Londoners have continued to upgrade their vehicles to cleaner models.'
Zawya
03-07-2025
- Business
- Zawya
New Home Sales and Returning Investors Help Drive Hong Kong Residential Market Transactions
Overall Office Leasing Activity Picks Up, but Grade A Office and Prime Retail High-Street Rents Remain Under Pressure Homebuyers and investors were both active in the Hong Kong residential market in Q2 2025, incentivized by a weakening HIBOR and rapid launches of new projects by developers at attractive prices. The total residential transaction number for the Q2 period is expected to rise by 30% q-o-q to reach 15,900 units. The Grade A office new-lease transaction area reached 1.2 million sf, the highest level since the COVID-19 pandemic period. However, the overall Grade A office rental level continued to decline, falling 1% q-o-q, resulting in an overall 3.4% drop for the 1H 2025 period. Retail market sale performance has yet to demonstrate significant improvement despite an increase in visitor arrivals. High street vacancy rates generally trended upwards across core districts in Q2, weighing on overall rental levels. Nevertheless, a notable number of new leasing transactions were recorded, reflecting an ongoing "tenant reshuffling" in the market. HONG KONG SAR - Media OutReach Newswire - 3 July 2025 - Global real estate services firm Cushman & Wakefield today held its Hong Kong Property Markets 1H 2025 Review and 2H Outlook press conference. The one-month Hong Kong Interbank Offered Rate (HIBOR) has been gradually softening since May, resulting in lower mortgage rates. Coupled with developers actively launching new residential projects at competitive prices, momentum in the primary residential market remained strong in the period. Improved rental yields also encouraged investors to re-enter the housing market, supporting monthly transaction volumes that exceeded 5,000 cases in Q2. In the Grade A office sector, net absorption remained positive in Q2, with Hong Kong Island showing greater resilience. However, high availability and an abundant future supply pipeline continued to weigh on rental performance. In the retail sector, despite a steady rise in visitor arrivals, retail sales have yet to show notable improvement. Vacancy pressures persisted, leading to a general downward trend of high street retail rents during Q2. Grade A office leasing market: New lease area reached 1.2 million sf, the highest level since the COVID-19 period The Hong Kong Grade A office market witnessed accelerated leasing momentum in Q2 2025, underpinned by relocation and expansion activities from the banking & finance and insurance sectors, The new leased transaction area for Q2 2025 reached 1.2 million sf, the highest quarterly level since Q3 2019. Several big-ticket deals were recorded, including Jane Street's pre-commitment of more than 207,000 sf at Site 3 at the Central Harbourfront project. The overall office availability rate remained largely stable at 19.3% in Q2, while quarterly positive net absorption slowed, dropping almost 50% to record 71,400 sf. With the new supply pipeline remaining abundant, the overall Grade A office rental level continued to trend down, dropping 1% q-o-q in Q2, contributing to an overall 3.4% drop for the 1H 2025 period. Chart 1: Rents of Grade A offices in Hong Kong John Siu, Managing Director, Hong Kong, Cushman & Wakefield, said, "In the 1H 2025 period, the Hong Kong Stock Exchange is expected to rank first globally in terms of funds raised through the Initial Public Offering (IPO) market — reclaiming the top spot for the first time since 2019. With more Chinese mainland stocks expected in the pipeline, this should help support office market sentiment and stimulate downstream leasing demand, particularly in the banking & finance and professional services sectors. Despite the improving market sentiment, an ample new supply pipeline and high availability may continue to weigh on rental performance in 2H 2025, and we forecast the overall office rental to decline by 7%–9% throughout 2025." John Siu added, "According to Cushman & Wakefield's new What Occupiers Want 2025 report, the top three priorities shaping occupiers' leasing strategies are cost control, talent retention, and operational excellence. While occupiers remain cost-cautious, they increasingly recognize the importance of a healthy and engaging workplace in attracting and retaining talent. Against this backdrop, other than offering rental incentives, we encourage landlords to collaborate closely with occupiers to create unique and value-driven work environments, so as to stand out in today's highly competitive office market." Retail leasing market: Retail sales continued to contract despite improving tourist arrivals, while high street rents remained under pressure For the January to May 2025 period, Hong Kong recorded more than 20 million visitor arrivals, growing 12% y-o-y. We believe this growth is supported by the opening of the Kai Tak Sports Park and the recent hosting of a range of mega-events at the venue. However, the rise in visitor numbers has not yet translated into stronger retail sales. From January to May 2025, total retail sales in Hong Kong amounted to HK$ 155.1 billion, reflecting a y-o-y decline of 4.0%. Visitor spending has become more cautious, with a growing preference for cultural experiences and value-for-money retail offerings. As a result, traditionally popular high-end retail categories have been most affected. Sales in the Jewellery & Watches and Apparel & Accessories sectors declined by 8.8% and 5.7% y-o-y, respectively. The Medicines & Cosmetics and Food, Alcoholic Beverages & Tobacco sectors recorded modest growth, rising by 3.4% and 2.7% y-o-y, respectively. Vacancy rates generally trended upwards across core retail districts in Q2 2025. The vacancy rate in Causeway Bay showed the most notable increase to climb to 13.2%, from 5.3% last quarter. Vacancy rates in Mongkok and Central rose slightly q-o-q, to 9.5% and 8.6%, respectively, while Tsimshatsui remained stable at 9.4%. Retail leasing activity was most active in Mongkok in the Q2 period, supported by the district's relatively attractive rental levels and stable tourist footfall. High street retail rents generally fell in Q2, in response to lifted vacancy pressure. Rents in Causeway Bay fell by 3.6% q-o-q, followed by Tsimshatsui and Mongkok at 3.4% and 1.7% q-o-q, respectively. Rents in Central rose slightly at 0.2% q-o-q, supported by resilient local demand. In the F&B sector, rents across districts recorded a mild decline on a q-o-q basis, within a 1% range. Chart 2: High street retail rents in prime districts in Hong Kong John Siu commented, "The Hong Kong retail market is experiencing a reshuffling of tenants. Retailers and F&B operators that are promoting local culture, offering unique experiences, and offering high-quality services and products, will likely be favored by tourists and will be able to prosper in the market. In contrast, some traditional retailers will be forced out of the market due to their failure to adapt to the shifted consumption patterns. Nevertheless, leasing activity in core districts has remained active. The current attractive rental level is lowering entry costs for new market players, while benefitting more mass-market retailers aiming to enter high-street areas. Looking ahead, with the opening of the Kai Tak Stadium, we expect that the government will continue to promote mega-events and world-class concerts, in turn drawing more international visitors and tourism spending. We expect high street retail rents and F&B rents to remain largely stable in the 2H 2025 period, and to mildly correct in the range of -1% to -3% through 2025." Residential market: L ower HIBOR and active new launches drive transactions; home prices stabilize in Q 2 Overall sentiment in Hong Kong's residential market continued to improve in Q2 2025. The decline in the HIBOR during the quarter, which remained at relatively low levels, helped reduce mortgage and entry costs, creating favorable conditions for homebuyers. At the same time, developers actively launched new projects with attractive pricing strategies, fueling strong activity in the primary market and sustaining high overall transaction volumes. According to Cushman & Wakefield estimates, the total number of residential sales and purchase agreements in Q2 is expected to reach approximately 15,900, representing a 30% q-o-q increase, reflecting the continued market purchasing power. Chart 3: Number of residential sale & purchase agreements Rosanna Tang, Executive Director, Head of Research, Hong Kong, Cushman & Wakefield, added, "The positive market response to new launches between March and May supported monthly transaction volumes exceeding 5,000 units, indicating resilient end-user demand and contributing to home price stabilization. Based on data from the Rating and Valuation Department, the overall residential price index edged up by 0.5% between April and May, narrowing the first five months' decline to 0.9%. On the leasing front, the growing number of expats and non-local students, coupled with the traditional leasing peak season in May and June, drove the private residential rental index up by 0.67% m-o-m in May, resulting in a 1.4% increase over the first five months of 2025. Looking ahead, while global uncertainties persist and the sustainability of low HIBOR remains uncertain, a potential interest rate cut by the U.S. later this year could further support lower HIBOR levels, providing a positive narrative for the housing market. We maintain our earlier forecast that overall transaction volume will be similar to last year, with full-year home price fluctuations expected to remain within a ±3% range." Edgar Lai, Senior Director, Valuation and Consultancy Services, Hong Kong, Cushman & Wakefield, concluded, "According to our tracking of popular housing estates, all market segments showed some improvement in Q2. Notably, City One Shatin, representing the mass market, recorded a 2.3% q-o-q sale price increase. Taikoo Shing, representing the mid-market, saw a modest 0.4% q-o-q rise, while Bel-Air, representing the luxury segment, saw sale prices decline narrowly by 2.5% q-o-q. Recently, some banks have relaunched mortgage cash rebate programs, effectively lowering the entry threshold and stimulating buying interest among prospective purchasers. Over the past one to two months, we observed an approximately 5% increase in mortgage inquiries compared to April. Among the newly signed provisional sale and purchase agreements, 60%–70% of transaction prices were 3% to 5% higher than their online valuations. These changes were most concentrated in properties priced at around the HK$10 million mark, and particularly in the HK$3– 4 million range, indicating a recovery in demand for small- to mid-sized units." Please click here to download photos. Photo 1: (From left to right) Edgar Lai, Senior Director, Valuation and Consultancy Services, Hong Kong, Cushman & Wakefield; John Siu, Managing Director, Head of Project and Occupier Services, Hong Kong, Cushman & Wakefield and Rosanna Tang, Executive Director, Head of Research, Hong Kong, Cushman & Wakefield. Hashtag: #Cushman&Wakefield The issuer is solely responsible for the content of this announcement. About Cushman & Wakefield Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In Greater China, a network of 23 offices serves local markets across the region. In 2024, the firm reported revenue of $9.4 billion across its core services of Valuation, Consulting, Project & Development Services, Capital Markets, Project & Occupier Services, Industrial & Logistics, Retail, and others. Built around the belief that Better never settles, the firm receives numerous industry and business accolades for its award-winning culture. For additional information, visit or follow us on LinkedIn ( Cushman & Wakefield
