Already wide gap between store closures and openings is growing at a record level
Posted on in Business News , Cycles News , Political News
PwC and the Local Data Company's figures show that 2,692 shops closed with only 1,569 shops opening. Research into these figures found that, store closures were affected by online shopping and people showing an increasing liking for in-home leisure.
Store openings are not replacing the closures at a fast enough rates.
In 2017, new store opening on the UK's high streets reached their lowest level in over seven years. An average 15 stores opened on the UK's high streets every day in 2015, with 12 opening in 2016 and just 11 in 2017. These declining figures and a record level increase in the gap between store closures and openings may be a result of the trading environment, a decline in consumer spending and a rise in business rates costs.
Another impact that is affecting the rates is online shoppin.
Consumers
are attracted to the price transparency, reliability of delivery and
the simplicity of online shopping. This is an area within the retailer
marketspace that is still growing rapidly and will affect the rates
further. The categories that consumers sit within today are, online
consumers and in-store consumers. Retailers will need to tailor their
products and create a retail landscape that appeals to everyone.