Death Of The High Street: 1 in 5 stores to close by 2018
It seems that every day there’s a Death of The High Street story, but according to a new study carried out by the Centre for Retail Research, it really could be falling apart faster than a Primark vest.
If the popularity of online shopping continues, they predict that one in five high street shops are set to close by 2018. That’s approximately 62,000 stores boarded up and 312,000 people out of work. According to the doom-laden report compiled by Professor Joshua Bamfield, health and beauty stores will be first to go tits up, followed by stationery shops, gift shops and DIY stores.
‘The total number of UK retail stores will fall by 22% over the next five years from 281,930 to 220,000 in 2018.’ The Professor said, woefully. ‘If no action is taken, store vacancy rates could almost double to 24%.’
It's a pessimistic view, but how accurate is it? Surely it's preferable to examine and try on your purchases rather than peering at a misleading thumbnail of a 7 foot Brazilian model on your mobile and hitting ‘add to basket’.
Is online shopping really so wonderful that it will replace the traditional Saturday trip to the high street, with its aimless traipsing about and misguided visits to Millies Cookies? Isn't being British all about standing around in TK Maxx waiting for death?