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If you read the papers, watch the bulletins or visit news websites you will have noticed over the last few months that many well-known High Street stores are either facing uncertainty or closure, it's a bleak time for Britain's retailers. Prominent among the stories has been the fashion industries battle with failing commerce. What's behind it, and can the trend be reversed?
There are perhaps numerous factors to this, most people would point to online sales being the cause, and yes they play a part. KPMG recently announced that 20% of retail spending has moved to the web. That's a significant drop for over the counter sales, £1 in every 5 has disappeared from the tills even without other factors.
The economy generally is the other huge factor, for the last couple of years inflation has been higher than wage growth, budgets are stretched by having to spend more to get the same, rising prices have many factors but the absolute bath the pound has taken since the Brexit vote has certainly amplified the problem.
Click & Collect from local shops and supermarkets has lifted online retail as you don't have to consider being in for most clothing deliveries now, you can pick them up when you want to, weekends, after work and so on. Maybe the ease of purchase has been the biggest factor? The High Street is no longer a required retail destination for many. It's interesting that alongside the retailers, many food outlets and coffee chains who made their names in connection with shopping & town centres have also seen reduced footfall and are facing difficulties.
It's a vicious circle, if each closure or downturn reduces visits, then each additional closure adds to the lost trade. Our town centres have seen many closures, in my own London commuter suburb we've seen the losses, I counted 8 empty shops on the precinct, there was one empty shop when I moved here almost exactly two years ago. Significantly this has included a department store, and it’s a picture repeated in the adjacent shopping centre, though recently some small businesses have begun to fill those units.
But what can be done, some of the big players have bought into the idea of creating a destination, in store events, discount days or entertainment have all started to appear as a way to attract custom, these can have a great knock on effect on the days they happen as other traders can also capitalise on the increased footfall.
The High Street is no longer a required retail destination for many.
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