Shop vacancy rates in Peterborough city centre lower national average

The number of empty shops in Peterborough city centre has dropped below the national average, according to new figures.

Currently, about 11 to 12 percent of stores in Peterborough are empty compared to the average of 14 per cent for cities across the UK.

It means it is increasingly difficult to find an empty unit in the city’s retail sector although there are some fairly obvious exceptions in Bridge Street and near Hereward Cross.

The figures are contained in a Peterborough City Council economic development report.

It states: “Peterborough City Centre high street is performing well in terms of vacancy rates, consistently reporting in 11 to 12 percent, significantly under the national average of 14 percent.

Pep Cipriano, chief operating officer of Peterborough Positive, said: “Peterborough has been bucking the national trend for quite a while.

"Basically, despite all the challenges, Peterborough is a very good place to do business.

He said: "It is one of the fastest growing cities in the country and is widely seen as a city that is going places.

"It has really good transport links and decent rental prices and is a relatively inexpensive place to live.”

A recent snap survey of retail occupancy by the Peterborough Telegraph found 15 empty units across the city with five already known to be the subject of interest from business owners.

While there are empty units in the Queensgate Shopping Centre it is already known that the retail group Frasers is poised to open later this year and will occupy the space left empty by the closure of department chain John Lewis in 2021.

And Stuart Potter, senior lecturer in business at ARU Peterborough, has told the Peterborough Telegraph that the city’s retail heart has a bright future with a renewed focus on community.

He said: ““The picture is not all doom and gloom — retailers are fighting back with some fresh ideas which may actually improve the experience for consumers.

""Events, local collaborations, demos and gatherings are breathing new life into the high street – helped by local organisations such as Peterborough Positive and Community Interest Companies, such as Up The Garden Bath.”