Retail market activity spikes amid economic challenges in Great Britain

New retail and leisure research has revealed a boom in commercial real estate activity in Great Britain over 2023. The latest report by the Local Data Company and Green Street, covering key developments across the entire Great Britain retail and leisure market during 2023, shows a spike in numbers of both closures and openings, representing significant churn. The overall data picture demonstrates the resilience and flexibility of Great Britain retailers and leisure operators in the face of widespread economic difficulty, with clear opportunities emerging for businesses and landlords.

Rises in interest rates and operational costs compounded the challenges for British retailers, leading to a year-on-year increase in closures of 14 percent between 2022 and 2023. However, closures were somewhat tempered by a 5 percent rise in openings during the same period, indicating a much more resilient and adaptable market than has been seen in previous years. Innovative changes of use and r