The traditional British high street may soon become obsolete, with more and more shops closing without being replaced, according to a new report out this week.
Statistics regarding the demise of the Great British high street were collated by online retailer OnBuy.com/gb and found the following:
•The vacancy rate for shops is currently 13.3%
•1 in 7 shops are currently boarded up
•In the first six months of 2016, 2,656 shops closed on Great Britain’s high streets, a rate of 15 a day, and more shops closed than opened.
Both independent and chain stores are feeling the brunt. In the past 10 years, Brits have seen a number of their favourite shops close their doors. In the past year, BHS, Staples, Austin Reed and American Apparel went into administration, causing a stir in the media.
Factors such as competition from online retailers, high rental fees and a shortage of parking spots all contribute. Despite this, people are still spending money on products, albeit in different ways – on high streets, convenience stores, coffee shops, cafés and casual restaurants are becoming more popular.
Cas Paton from OnBuy commented: “People love the ease and confidence of selling and buying online now. We allow traders to sell stock at a competitive price. It’s also beneficial for the customers as well, considering we are a marketplace, they can compare prices from different retailers. Shops on the high street need to adapt if they want to compete with online retailers and therefore survive in today’s digital age”.
The full piece can be read here: https://www.onbuy.com/gb/blog/coffee-shops-up-fashion-retailers-down-the-ever-changing-great-british-high-street~a16/.