British Retail Sector Suffers Over Rising Brexit Uncertainties
Arslan Butt • 1 min read
According to a survey by Springboard, empty shops in Britain rose to the highest level since January 2015, with the national town center vacancy rate touching 10.3% in July, up 0.1% from the previous quarter. Footfall of shoppers has also declined by 1.9% in July to touch the lowest levels in seven years.
British shopping centers were the worst affected, experiencing a footfall decline of 3.1%, followed by UK high streets where shopper footfall fell by 2.7%. Meanwhile, retail parks saw shopper footfall rise by 1.2% in July.
This latest data is in line with the recent report from BRC which revealed the slowest sales growth in July, with 12-month average total sales falling to 0.5%. High streets as well as online retailers are experiencing slower growth in retail sales over mounting Brexit uncertainties.