Is the ‘death of the high street' being overstated?
Posted on in Business News
According to a recent article published in The Telegraph, the ‘death of the high street' may be overstated, with evidence showing that independent shops are booming across the UK.
Whilst there has been a number of large well-known retailers that have recently disappeared from the high street, including Toys 'R' Us, Maplin, Staples, BHS and more, a recent study shows that the retail giants have been replaced by small shops.
Almost 1.5 million Ordnance Survey (OS) business records were analysed by the consumer champion to compare how Britain's retail and services landscape has changed from 2014 to 2019.
The results showed that many high streets are beginning to move towards services that cannot be replicated online. Of the 10 sectors that have seen an increase in premises on UK high streets, six are categorised as 'eating out and services', with the biggest increase since 2014 seen in banqueting and function rooms with over 100%.
This was followed by markets, listed as "food, drink and multi-item retail" services, which saw an increase of over 50% in the last 5 years.
Tattooing and piercing parlours increased their presence on the high street by 44%; cafés, snack bars and tea rooms by 35%; and hair and beauty services by 31%.
Harry Rose, Editor, Which? magazine, said: "While it's concerning to have seen so many well-loved brands disappear from UK high streets in recent years, our research suggests the future of our town centres is not necessarily as bleak as the reports of store closures would have you believe.
"As shoppers needs and habits evolve, it's vital that businesses keep up with these changing trends and consider how they can grow with them, in order to continue thriving on the high street."
Initatives such as the Best Small Shops competition help to raise awareness of high street shops that are both product and service based and thus helping the high street to thrive even as the landscape continues to change.