Vacancies in shopping malls around the country is at is highest level with the Coronavirus hitting retail stores hard causing many to simply shut up shop or extending their temporary closure. The retail sector has been under a lot of pressure with forced closures and this in turn, has caused landlords to lose valuable tenants.
According to a survey conducted by Jones Lang Lasalle The vacancy rate in shopping centers has hit a huge 5.1 per cent across the country which is a big rise from the 3.9 per cent it was six months ago. Their survey did not include stores which were temporarily closed due to Covid 19.
The vacancy rate depends on the location of the retail stores. In fact, in the CBD the vacancy rate is even higher with estimates at over 10 percent and other big box retail stores have vacancy rates hovering over 6 per cent. In the previous six months, their vacancy rates was sitting around 4.8 per cent.
Many stores have decided to focus on their online offerings to try to offset the huge losses in retail trade. Stores like Forever New have done well in that they have a strong online platform. Use a Forever New discount code to save on your purchase. With the Covid 19 pandemic, many online stores such as Forever New have flourished in the weak retail environment.