In the past year the number of planning applications for new shops has fallen by nine per cent…
Figures have revealed the number of requests to build residential developments fell significantly in the past year.
According to the data developments dropped by nine per cent to 6,700 in 2015—the seventh consecutive annual decline. This figure is almost half the amount of planning applications seen during 2008, pre-recession of 11,900.
The fall in the figure is perhaps indicative of a move away from high street shopping toward online. Commercial law firm EMW, who published the figures, said that while many traditional retailers are focusing on expanding their online services they often fail to compete with online-only retailers.
Aimee Barrable at EMW said: “With online retailers continuing to win market share, high street firms have less of an appetite to open new shops, instead opting to develop online services or squeeze extra profits from existing space by changing the shopping experience or repurposing stores to act more as showrooms or collection points.
“Recent high-profile closures will lead to more retail space becoming available on the market. Those retailers still looking to expand their high street presence might look to acquire some of these recently vacated stores instead of applying for any new retail developments.”
She added: “Also, it may be that many retailers wait before committing to any new shop developments until they have a clearer picture of the economy in the aftermath of the Brexit vote.”