2.5 million square feet of ex-BHS units are still vacant
Dan Simms, Co-Head of Retail at Colliers International, said: “It may be controversial, but we need to be realistic – this is not sustainable, for landlords and local communities alike. Space that has been empty for a period of time that is this prolonged will never, in all likelihood, have a retail use again.
“Taking this into consideration and looking hard at the current state of the UK’s retail landscape, we believe that this trend will continue. The dilemma is how to reverse its crippling effects and ensure this space doesn’t stay vacant. The ‘obsolete core’ must be tackled.
“What’s encouraging is that the retail property market is already well underway in its response to this and there are repurposing projects taking place across the UK to help reduce, convert and, in some cases, remove this empty space entirely.”