New research has found that 4.2 million sq ft of retail space was lost in England and Wales in the past year as shoppers flocked to online sales. The total number amounts to 55 football pitches worth of retail space – which have been converted for other uses.
The wealth manager and law firm said the most space had been lost in out-of-town destinations such as retail parks. “Retailers are continuing to cut unprofitable space and dedicate more effort to their online sales,” Boodle Hatfield partner Simon Williams said.
Reading was the worst-hit area, losing more than 215,000sq ft of retail space. This was followed by Nuneaton and Bedworth, which lost 183,000sq ft, and Kensington and Chelsea, which lost 151,000sq ft. The other locations that were listed in the top 10 were; Sutton, Southampton, Cambridge, Manchester, Newport, York and Bradford.
