Member Article

UK high streets take the hit as number of shops falls

The number of retailers on the High Street has declined dramatically in the first nine months of this year, according to a survey by PwC.

The national accountancy firm says that the failure of businesses such as Phones 4U and lingerie chain La Senza accelerated the decline.

The study, which looked at 500 town centres, saw a total of 964 net closures between January and September, which is 250% of the net reduction for the whole of 2013, according to the study by PwC and the Local Data Company.

In the first half of the year, a total of 365 traditional goods retailers, such as shoe and clothes shops, closed their doors.

Clothing retailers were among the hardest hit while betting shops continued to thrive. Travel agents and pawnbrokers also suffered.

This came as a result of national pawnbroker Albermarle & Bond entering into administration, which had to be rescued by an investment group.

However coffee shops, banks, pound shops, charity shops, convenience stores and American restaurants were among those opening the most outlets.

Mark Hudson, retail leader at PwC, said: “We’re heading for a High Street based around immediate consumption of food, goods and services or distress or convenience purchases.

“I’m not sure that’s what customers really want - but consumer and business economics are pointing in that direction at the moment,” he added.

Matthew Hopkinson, director of the Local Data Company, said the study reflected “significant changes across town centres.

“Multiple retailers are continuing to close stores on high streets in favour of retail parks and shopping centres.”

This was posted in Bdaily's Members' News section by Ellen Forster .