Britain has too many shops – no wonder more and more are being boarded up

Boarded-up shop fronts are a common sight during recessions.

In the early 1990s, they became an eyesore for town centres and the Conservative government alike, an everyday visual reminder of the economic slump that dragged the Tories lower and lower in the polls (albeit not low enough to deliver Neil Kinnock into Downing Street, once push came to shove at the ballot box).

Similarly, in the years following the most recent global recession, shop vacancies climbed before easing off. One measure shows the vacancy rate as high as 14 per cent in 2012 as the UK struggled to bounce back from the aftershocks of the financial crisis, then dipping to 11.5 per cent by 2015 as meaningful GDP growth took hold. Another measure – using a different methodology and definition – shows an 11.1 per cent rate in 2013, falling to nine per cent in 2015.

In the absence of another economic slump, the rate should have continued to slip in the last few years. Instead, it has increased. This morning Springboard reports the highest vacancy rate since 2015. In the north of England the proportion of vacant shops stands at a depressing 13.6 per cent.

Even in the Square Mile, with offices packed full of high-earning professionals, you can now spot retail units going unused, or turning into short-term pop-ups or charity shops desperately trying to catch commuters' eyes.

Little surprise, therefore, that yesterday's Rich List showed a whopping 52 per cent drop in Sir Philip Green's wealth, while fellow retail guru Mike Ashley suffered a 19 per cent dip. Gone are the days when high street titans dominated the annual ranking.

"Technology is making and breaking fortunes," the Sunday Times said. "Online shopping continues to have a profound effect on UK high streets – and there are well known retailers who are seeing their fortunes smashed by this seismic change."

And it is not only retailers feeling the hit. Landlords Intu and Hammerson have seen shares lose 74 per cent and 57 per cent of their value respectively since 2015.

This newspaper has previously called for a radical liberalisation of planning laws to make the most of changing consumer and societal habits. Too much is made of the supposed "community" value of shops. It should be possible to quickly and easily turn retail units into not only flats or offices, but spaces used for mixed purposes that communities still want – playgroups, cafes, services for the elderly, and so on. The UK has too many bricks and mortar shops, and in absence of any significant change in policy the vacancy rate will continue to rise.