With increasing vacancy rates on Britain’s high streets, it’s important that we look beyond the financial impact and consider the effects it will have on the visual appeal of our town centres.
High street vacancy rates are increasing around the UK, presenting the owners of these empty units with an ever increasing financial burden.
Owning a vacant premises comes at a massive cost. There’s the obvious opportunity cost of missing out on potential rent, but there’s also the cost of business rates.
Owners of vacant properties in England, Scotland and Wales are liable to pay for 100% business rates, unless they meet certain criteria for reductions.
They can also mitigate their rates through a rates mitigation scheme, reducing their rates liability by up to 80%.
To find out more about Fuse Media’s rates mitigation scheme, click here.
These vacant units aren’t just a money sink. They can also constitute a significant eyesore on our high streets.
Joanna Bourke predicts that increasing vacancy on the high street will, eventually, lead to a greater presence of leisure and hospitality.
This will come as a welcome change, I’m sure. After all, with people doing more and more shopping online it makes sense to repurpose our high streets to offer something new.
But in the meantime, whilst we wait for the dust to settle and new development to take place, these shops will stand empty and will quickly begin to appear dilapidated.
This dilapidation will negatively impact otherwise beautiful parts of our towns, even hurting business for still running retailers in the vicinity.
Helping the High Street
ShopJacket have taken an old idea and added a new twist.
We’ve all seen standard vinyl coverings on shop windows – one or perhaps two colours, maybe some branding, but otherwise nothing particularly remarkable.
ShopJacket offers similar coverings, but designs them to look like a 3D shop-front, representing the potential of the property whilst grabbing the eye of passers by.
The images are crisp and high-definition, and make marketing these vacant units that much more effective.
And, as an added bonus, the high street looks better for it.