Disclosed are void-containing polyester shrink films which show excellent density retention upon exposures to high temperatures. The films have high shrinkage and retain their low density after processing under conditions of temperature and moisture used in typical recycling processes. The films are useful for sleeve label and other shrink film applications, and their lower density allows them to be readily separated from soft drink bottles, food containers and the like during recycling operations. Also disclosed is a process for void-containing polyester shrink films having high shrinkage and low density after exposure to elevated temperatures.