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| Version 1 | Version 2 |
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| Who owns all these empty shops? | Who owns all these empty shops? |
| (about 2 hours later) | |
| You only have to walk down a High Street in the UK to know that there are more vacant shops than there were a few years ago. | You only have to walk down a High Street in the UK to know that there are more vacant shops than there were a few years ago. |
| A report from the Local Data Company found that just over 14% of shops are vacant. | A report from the Local Data Company found that just over 14% of shops are vacant. |
| Who owns all these retail spaces and what are they doing about the empty ones? | Who owns all these retail spaces and what are they doing about the empty ones? |
| Shops around the UK are owned by: | Shops around the UK are owned by: |
| The majority of shops are privately owned, with institutions limiting themselves to shopping centres and the highest-value High Street locations. | |
| "Things are definitely difficult," says Jos Short, chairman of Internos, whose Local Shopping real estate investment trust (REIT) owns 600 shops around the country. | "Things are definitely difficult," says Jos Short, chairman of Internos, whose Local Shopping real estate investment trust (REIT) owns 600 shops around the country. |
| "It's better in London and the South East, but elsewhere it is still challenging." | "It's better in London and the South East, but elsewhere it is still challenging." |
| The particularly difficult thing for landlords is that once a shop has been empty for three months, full business rates have to be paid. | The particularly difficult thing for landlords is that once a shop has been empty for three months, full business rates have to be paid. |
| "We have even tried to get premises occupied by getting a business to just pay rates and not any rent," Mr Short says. | "We have even tried to get premises occupied by getting a business to just pay rates and not any rent," Mr Short says. |
| Various organisations have also tried to use short-term lets, known as pop-up shops, to limit the numbers of empty shops, provide opportunities for art projects or one-off events and sometimes to lead to longer-term lets. | |
| Struggling landlords | Struggling landlords |
| Jamie Stirling-Aird works for Black Stanniland, which provides services to individuals who own shops. | Jamie Stirling-Aird works for Black Stanniland, which provides services to individuals who own shops. |
| "We recently marketed a shop in Bradford that had been empty for three years for a client who owns 20 or 30 shops," he says. | "We recently marketed a shop in Bradford that had been empty for three years for a client who owns 20 or 30 shops," he says. |
| Its previous tenant, a jeweller, had been paying £93,000 a year rent. It has now been let to a pawnbroker for £65,000. | Its previous tenant, a jeweller, had been paying £93,000 a year rent. It has now been let to a pawnbroker for £65,000. |
| "In a place like Bradford, there will be 10 or 15 suitable vacant properties for any retailer to choose from," Mr Stirling-Aird says. | "In a place like Bradford, there will be 10 or 15 suitable vacant properties for any retailer to choose from," Mr Stirling-Aird says. |
| "I'm sure there are a lot of landlords struggling at the moment." | "I'm sure there are a lot of landlords struggling at the moment." |
| "There is reasonable demand for shops in decent locations, but there are shops in really bad locations for which there is never going to be demand." | "There is reasonable demand for shops in decent locations, but there are shops in really bad locations for which there is never going to be demand." |
| It is owners of these shops with so-called structural vacancy who are having to consider extreme measures. | It is owners of these shops with so-called structural vacancy who are having to consider extreme measures. |
| It is easy enough to sell a large shop in a good location with a tenant on a long lease, but vacant shops have been fetching low prices at auction. | It is easy enough to sell a large shop in a good location with a tenant on a long lease, but vacant shops have been fetching low prices at auction. |
| "Demolition or alternative use is the only option for the vast majority of these 'surplus to requirement' shops," says Matthew Hopkinson from the Local Data Company. | "Demolition or alternative use is the only option for the vast majority of these 'surplus to requirement' shops," says Matthew Hopkinson from the Local Data Company. |
| "To that end, restaurants, bars, cafes and even betting shops have come to the rescue, as the growth of leisure takes off in our town centres." | "To that end, restaurants, bars, cafes and even betting shops have come to the rescue, as the growth of leisure takes off in our town centres." |
| Converting to flats | Converting to flats |
| Some bigger shops are also being converted for residential use, although that would be too expensive an option for many smaller landlords. | Some bigger shops are also being converted for residential use, although that would be too expensive an option for many smaller landlords. |
| "We have a client who owns the site of a former Co-op in a small market town near Derby," Mr Stirling-Aird says. | "We have a client who owns the site of a former Co-op in a small market town near Derby," Mr Stirling-Aird says. |
| "Because of the strength of Derby and out-of-town shopping it has been hard to find a new retailer." | "Because of the strength of Derby and out-of-town shopping it has been hard to find a new retailer." |
| "It used to rent for £85,000 a year. We are now looking for £40,000 to £45,000, but I suspect we'll end up selling it to a developer who might be able to convert it into flats." | "It used to rent for £85,000 a year. We are now looking for £40,000 to £45,000, but I suspect we'll end up selling it to a developer who might be able to convert it into flats." |
| Changes to the planning laws now make it easier to change properties from retail to residential use. | Changes to the planning laws now make it easier to change properties from retail to residential use. |
| A recent report from the property group Colliers International predicted that the vacancy rate could return to pre-recession levels by 2020. | A recent report from the property group Colliers International predicted that the vacancy rate could return to pre-recession levels by 2020. |
| But only part of that recovery is likely to be down to new retailers moving into empty shops, with the rest being a result of conversion to other businesses or even flats. | But only part of that recovery is likely to be down to new retailers moving into empty shops, with the rest being a result of conversion to other businesses or even flats. |