Photo: Christopher Furlong/Getty Images

Retail sector has witnessed a reduction of a quarter of floorspace since the economic crash of 2008, finds a new study by Northumbria University.

Retail floorspace has gone down to just under 114 million square metres in 2015, from more than 157 million square metres in 2008, a reduction of 27.6 percent.

The total retail floorspace shrank in all but five local authorities in England and Wales.

Source: northumbria.ac.uk

The study, which also mapped the rateable value of retail floor space across England and Wales, found 95 percent of local authorities (331 out of 348) recording significant decreases in the total rateable value of all the retail premises in their area during this period, impacting a major dent in their business rates revenue.