Liverpool’s Vacancy Rates Below National Average
Liverpool city centre in “robust health”
Vacancy Rate is below national average
Footfall tops 71m in 2022
As 2022 draws to a close, new data from Liverpool BID Company reveals how Liverpool City Centre’s high streets are faring.
Liverpool city centre’s retail & leisure vacancy rate remains below the UK and North West averages. In the city centre, including Bold Street, Church Street and Lord Street, 9.9% of ground floor units are vacant, with the UK average at 10.9%. It is a slight rise from the Liverpool total of 9% in January 2020, but still far below the North West rate of 12.5%.
The data, provided by Springboard, comes at Liverpool BID reveals that city centre footfall figures have stailised in 2022, returning consistently to pre-Covid levels. October 2022 saw a 2.8% increase compared with 2019.
In the first full year without a lockdown since 2019, Liverpool city centre recorded 71.7m visitors in 2022, an increase of 40% on 2021.
The highest day of footfall was Saturday 19 November when 372,084 people were recorded. The highest week of footfall was the week of 24 October, coinciding with half term, when over 2 million people visited the city centre, representing 2.92% of the yearly footfall.
Saturday is the busiest day of the week, representing 18.62% of footfall traffic for the week. The busiest time is 1pm, suggesting a shift back towards the more regular rhythm of the city centre, which saw a shift towards the night-time economy post lockdowns. Weekends continue to be the busiest time of the week.
New businesses continue to open this Winter. New faces on Liverpool’s high streets include Albert Schloss and Pizza Punks on Bold Street, Popeyes on Lord Street, Hawksmoor restaurant on Brunswick Street, Tonight Josephine on Hanover Street, Gaucho Liverpool on Water Street, CoCo on Castle Street and the stunning Radisson Red opening on Lime Street.
Bill Addy, CEO of Liverpool BID Company says the figures as a whole illustrate the continued pull of Liverpool city centre, for both business and visitors.
“Liverpool’s popularity with visitors and businesses goes hand in hand. There is confidence that a business can open up in Liverpool city centre and will attract footfall. Liverpool is a mixed-use economy, so we know that people come for a variety of purposes; to work, to enjoy cultural attractions, to shop, to visit a leisure offer, for food and drink. Each of these strengthens the whole and makes the city more resilient and robust,
In 2023 we will be going back to our city centre businesses, from Bold Street, Church Street and Lord Street to renew our Retail & Leisure ballot. Coming on the back of a successful Accommodation BID ballot we seek another five years of our Retail & Leisure BID Area, which sees every business from the smallest independent to the largest multinational protected on our vital high streets. Each receives the same service and voice at the table.
While we know Liverpool has weather much of the current storm, we know difficult times are coming. We will be lobbying on behalf of our levy payers on business rates, VAT and continued support to help each of our commercial businesses not just survive in the next five years but thrive.
2023 promises to be a big year for Liverpool, with Eurovision and other major events planned nearby. We chose to support Eurovision with a six figure investment because we know that there will be a return for our levy payers and for other businesses in the city centre. The subvention fund created through the Accommodation BID will help to support that same investment moving forward to help keep Liverpool strong and capable of holding its own against economic headwinds”.