In the wake of the announcement that
From surveying 1,000 consumers in the
* 61% of Brits are worried the high street will disappear completely in the next ten years due to the ever increasing number of big-name store closures.
* Fashion, food, beverage and value brands are predicted to be the biggest victims of the high street due to online competition.
* Convenience is key factor that affects our shopping habits - if local high streets had free parking and easy accessibility, consumers would be more likely to shop in-store.
* Northern cities and
Certainly here in the
82% of us now shop on-line, up from just 53% 10 years ago. The
So, what does this mean for shoppers and retailers?
We investigated retail outlet closures across the
Is it only a matter of time before the high street becomes a ghost town? Or will something new rise from the ashes? Read on to find out what's in store for your local high street.
Last year
Large retailers have been particularly hard hit with those operating 10 stores or more closing over 5800 branches between 1 January and 30 September last year, a 77% increase on the previous year.
By partnering with
"Some of the country's best-loved brands have been forced to consolidate space or shut entirely. Mothercare, Toys R Us, Maplin, Next, Marks & Spencer,
In the retail sector online spend is almost breaching 20%, with 1-in-every-5 pounds spent coming through internet sales, which has effected the true value of physical retail stores.
It is quite likely that there will be a continuation, if not an increase of the negative headlines in retail. The raft of CVA's and administrations in the sector has culminated in an expected 1,600 store closures across the
Food and beverage, value and fashion brands will come under more strain as over stretched markets begin to weed out weaker offers as retail Darwinism bites."
So what would bring people back to the high street?
When asked what would tempt them back to the great British high street, the top answers from Brits were:
* More staff to ensure that the experience is quicker (41%)
* Clearer stock check in store (34%)
* 24-hour service so that you can shop at any time (27%)
* Self-checkout service to avoid queues (26%)
How will the high street look in ten years?
After asking consumers what they think the high street will look like in ten years, it seems that consumers are worried that independent stores won't exist. The list below runs from most likely to least likely.
1.Restaurants
2.Coffee shops
3.Second-hand shops
4.Bars
5.Fast food restaurants
6.Retails chains e.g. department stores
7.Clubs
8.Cinemas
9.Banks
10.Travel agents
11.Independent retailers
Which parts of the
As part of its research, KIS mapped out which cities had been hit the hardest by the major store closures of the last year. This revealed northern cities such as
1.Leeds
2.Glasgow
3.Aberdeen
4.Bradford
5.Cardiff
6.Doncaster
7.Leicester
8.Manchester
"With store closures flooding our newsfeeds recently, we were interested to find out what the future holds for the high street and how consumers' shopping habits might affect retailers' footfall. It is obvious from our research that people do still like going into store to shop, but it just isn't as accessible as online shopping is.
To save the high street many retailers need to ensure that they are thinking innovatively about how to draw customers in with clearer in-store stock checks, more staff and extended hours during busy periods. The reason why so many retailers are struggling with their stores is because consumer shopping habits are changing and the high street needs to change with it, creating a more community led atmosphere with more accessibility and variety for everyone."
After surveying
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[ENDS]
Notes to editors
* Full report: https://www.kisbridgingloans.co.uk/finance-news/the-future-o...
* Data https://www.statista.com/topics/3792/e-commerce-in-europe/
* Data https://www.ons.gov.uk/businessindustryandtrade/retailindust...
* 1,000 Brits were surveyed through Leadership Factor, by the breakdown:
-Gender
-Age
-Region
-City
Contact Details;
phoebe@kisfinance.co.uk
01884 820110
.
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