Liverpool City Centre Shops in Crisis as Vacancy Rates Soar
High rents, out-of-town competition and the rise of online shopping are among the factors blamed for the decline
Liverpool city centre is facing a retail crisis as a growing number of shops stand empty. The vacancy rate in the city centre has reached 14.4%, one of the highest in the UK. This is a significant increase from 11.1% in 2019.
There are a number of factors that have contributed to the decline of retail in Liverpool city centre. One is the rise of online shopping. In 2021, online sales accounted for 28.5% of all retail sales in the UK. Another is the increasing popularity of out-of-town shopping centres.
These shopping centres offer free parking and are often located in more convenient locations than city centre shops. High rents are also a factor. The average rent for a retail unit in Liverpool city centre is £250 per square foot, which is one of the highest in the UK.
The decline of retail in Liverpool city centre is having a negative impact on the city's economy. Empty shops can lead to a decrease in footfall, which in turn can have a knock-on effect on other businesses in the area. It can also make it more difficult for people to live and work in the city centre.
What can be done to address the retail crisis in Liverpool city centre?
A number of measures could be taken to address the retail crisis in Liverpool city centre. These include:
* Reducing rents: High rents are a major factor in the decline of retail in Liverpool city centre. Reducing rents would make it more affordable for businesses to operate in the city centre. * Investing in public transport: Improved public transport would make it easier for people to get to and from the city centre, which would increase footfall. * Supporting local businesses: Local businesses are vital to the character and economy of Liverpool city centre. Supporting local businesses through measures such as grants and loans would help to keep them afloat. * Encouraging new uses for empty shops: Empty shops could be used for a variety of purposes, such as housing, offices or community spaces. This would help to revitalise the city centre and make it more attractive to people to live and work there.The retail crisis in Liverpool city centre is a serious challenge, but it is one that can be overcome. By taking the right steps, the city can ensure that its city centre remains a vibrant and thriving place.
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