Vacancy is increasing and gloom in many Viennese shopping streets

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Tidy, deserted shop windows instead of full shops. The shopping streets are changing. The “crown” illuminates the background.

The shopping streets form the economic backbone of stationary retail. But like almost everything, they are changing. According to the Austrian Trade Association, there has been a downward trend in retail space since 2018. Evidence of our changing consumer habits. First the pandemic, later high inflation and the resulting real estate crisis fueled the structural change, which also has an undeniable impact on the cityscape. This also includes the Landstraßer Hauptstraße. It is the “main artery” of the third district and one of Vienna’s most important shopping streets.

Local inspection: Empty shops, no people
A local inspection by “Krone” shows that many shops are empty. With a total sales area of ​​84,000 square meters, there is currently a vacancy rate of 5.8 percent. One reason for this may be the high rental prices. In popular locations such as the city, these are too high for many companies, especially small and medium-sized enterprises.

No wonder: on the famous Mahü you can easily pay 30,000 euros or more for a commercial property. Per month of course. The largest shopping street in the country has therefore lost six percent of its sales space in the past two years. As a rule of thumb, smaller shopping streets are more likely to suffer from vacancies, although exceptions confirm the rule.

These shopping streets are busy shopping streets
The Meidlinger Hauptstrasse has had the lowest vacancy rate for years. Favoritenstrasse is also in very good condition. The Vienna Chamber of Commerce sees it differently. “There is little vacancy in Vienna’s shopping streets. Of course, there are neighborhoods that function better and secondary areas that are more exposed to this,” says trade representative Margarete Gumprecht. According to the trade association, many of our commercial properties are in a renovation phase after vacancy, which often leads from retail to other destinations, such as doctor’s practices, hair salons or kebab restaurants. Vacancy rates are not necessarily increasing, but more and more space is being taken from stores.

Source: Krone

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