Shopping centres and local councils can unlock a significant revenue stream by renting out unused car parking spaces to other motorists, such as office workers needing somewhere to park, advises online parking portal YourParkingSpace.co.uk.
The company has already joined into partnership agreements with a number of shopping centres across the UK. Council offices closed at weekends often have vacant spaces where weekday workers park.
Among the first are The Ridings Shopping Centre in Wakefield, the Sovereign Shopping Centre in Bournemouth, the Prospect Shopping Centre in Hull and Fremlin Walk in Maidstone, who between them have already made over £180,000 by renting out empty parking spaces.
YourParkingSpace.co.uk markets the empty bays, which would otherwise have been non-revenue generating, on its website for renting either on a short-term or long-term basis to other car owners, such as office workers or people visiting the area.
Through introducing their own technology or working with the existing technology in shopping centres the occupancy level of the car park is monitored, with the number of marketed bays adjusted according to demand.
Harrison Woods, managing director of YourParkingSpace.co.uk, said: “Many shopping centre car parks are significantly underutilised, especially during the quieter periods on weekdays. Instead, they could be rented out to other car owners needing somewhere to park.
“It’s a simply, and hassle free, way to generate income from vacant bays, with these drivers also providing valuable footfall for the shopping centre.”
Indeed, previously robust town centres are being particularly impacted by the growth in online spending, with official figures suggesting that almost a fifth of retail sales are now carried out online. Some estimates suggest that more than 10,000 high street stores will close in the coming year.
Harrison added: “Investor attitudes towards shopping centres have turned profoundly negative, and shopping centre rents are expected to drop in 2019. YourParkingSpace.co.uk provides a solution, as renting out empty parking bays boosts revenue and footfall with no associated capital expenditure or operating costs, helping to increase earnings and sale value.”