Why ‘Essential’ Retailers Are Choosing Not To Reopen In London’s Financial Hub

Why ‘Essential’ Retailers Are Choosing Not To Reopen In London’s Financial Hub

Vacant retail real estate in the City of London*, one of the world's great financial centers, is now at the highest level in five years, with stores hit by a lack of customers who are mostly working-from-home and taking their spending to the suburbs.

According to retail consultancy the Local Data Company, the vacancy rate in the City of London jumped from 8% to 11.4% in 2020, overtaking the average for Greater London which stands at just under 10%. The rate of increase in the City was almost three times that for Greater London and twice that for the whole of the U.K.

Government work-from-home orders have led to more than half (54%) of all closures seen in the City in 2020 coming from hospitality and leisure units. Of those, more than four out of every five belonged to national chains (retailers with five or more units across the U.K. or 10 or more internationally). Takeaway food venues were, by far, the worst affected followed by bars, shirt makers like Charles Tyrwhitt and TM Lewin“”now only online, and coffee shops.

Popular take-out venues in the City“”which are designated 'essential' retail and free to open during lockdowns“”have had to take drastic measures to remain