Increase in High Street store closures predicted - ToyNews

Increase in High Street store closures predicted

One in five shops will close over the next five years says new survey.
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A new report has warned that 20 per cent of stores could disappear altogether from UK High Streets, as more people shop online.

The Centre for Retail Research predicted that one on five High Street shops will close over the next five years.

Retailers selling music, books, gifts and DIY are at the most risk, it says.

It also predicts that the proportion of shopping done on the internet will double to 22 per cent.

Dan Wagner, CEO of Powa Technologies - which has created e-commerce technology solutions for High Street names such as Tesco, Superdrug and Laura Ashley - said: "This will be a wake up call for many retailers that are sleep walking into turmoil.

"We have already seen many established names go into administration this year alone, many of which because they haven't done anything significant to acknowledge the change in how their customers are engaging with brands.

"Merely paying lip service to online won't cut the mustard with retail becoming hugely competitive. Instead, stores need to revolutionise both their online and High Street offerings so that both can feed each other much more seamlessly."

Wagner continued: "Forward thinking High Street stores are treating the current sea-change in shopping as an opportunity to overhaul the way they do business. Instead of mourning the demise of our favourite stores, there should be a more concerted effort to save them using new approaches, not just aggressive discounting."

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