IN NUMBERS: The spread of betting shops slows

IN NUMBERS: The number of applications to convert retail converted into betting shops dropped by more than 70% in the year to the end of October, according to figures released today by EGi’s Retail Research. The fall echoes a wider slowdown in the conversion of retail space, which overall dropped by a third. But while betting shops fell by nearly two-thirds, leisure fell by 7% and restaurants grew in sq ft terms by 2%. More units were converted into restaurants but the size of those units shrank, with the amount of space signed for down 12%. Leisure saw the opposite effect, with the amount of space rising to 897,000 sq ft but the number of applications falling. “The slowdown is symptomatic of the wider economic recovery. Vacancy rates nationwide have decreased for the last three consecutive quarters allowing landlords to exhibit greater confidence that they do not need to steer their assets away from retail to achieved occupancy and growth,” said Graham Shone, data analyst at Estates Gazette Research. Figures show that availability of retail in the UK now stands at 87.6m sq ft but the average unit size dropped by 12% to just over 2,400 sq ft. Click on the interactive graphic below. Click on the buttons to change the view between applications for change of use in sq ft and in number. Hover over the bars to see absolute values.   |Create infographics