Concern expressed as High Street shop closures climb. This is according to The Mirror which reports a surge in retail closures. Speculation is that pressure on high street stores has been exacerbated by a significant shift towards online shopping. This and the ongoing cost-of-living crisis has left consumers with less disposable income. According to PwC, 14,081 shops from chains exited UK high streets in 2023, averaging 39 closures daily. Undoubtedly a matter of concern.
More encouraging news, however, is that, in August, the number of shoppers increased compared to July. This was reportedly driven by warmer weather and summer discounts, and is despite earlier riots affecting high street traffic. The British Retail Consortium reported a 0.4% year-on-year drop in customer volumes, a significant improvement from July’s 3.3% decline.
iBOSS Comment:
This supports concerns expressed recently by organisations such as the FSB over High Street shop closures climbing. For more information on the FSB view follow this link. There is mounting pressure for more to be done to revitalise High Streets around the country. There is little doubt that the traditional High Street, full of well-known brands and a variety of useful stores, is a thing of the past. The resultant mixture, that many have, of charity shops, hairdressing salons and cafés is not the real solution to breathing life back into our High Streets. What is needed is a range of outlets with an attractive, wider selection of goods/services that local people need. This alone however will not be enough without the support of local councils providing more attractive parking facilities and sensible business rates etc.
If you have an idea for a business that would fit into your local High Street, but need help in planning how to set it up, then call the experts at iBOSS on 01327 349779 or complete the enquiry form on our web site www.theiboss.co.uk and request a free consultation.
#Highstreetshops #Highstreetbusiness #settinguparetailbusiness