UK High Streets have seen a rapid decline in stores shutting down, most of it is due to a decline in customer spend, rise in online shopping and higher rate of taxes and inflation.
Shops such as Mothercare, Toys R Us, Babies R Us, Maplin, Clair’s and BHS have gone into administration and permanently closed all its UK stores.
Some stores have also been forced to shut down a number of their stores leaving thousands jobless.
Shops such as New Look, House of Fraser, Debenhams, Marks and Spencer have all announced that some of its stores will be shut down.
Having spoken to many, the most common answer I received was that they lead a busy lifestyle and next day delivery to their house is appealing and efficient.
However, the trend is not as popular with the older generation as they are not as technologically inclined as millennials.
Online sites such as ASOS, Amazon and EBay have all experienced an increase in customer spend, as most customers enjoy the practicality of online shopping.
The proportion of online spending reached a record high in November, accounting for 21.5% of all retail spending in Great Britain https://t.co/YqtdHDspGZ pic.twitter.com/KHu7s6dfvk
— Office for National Statistics (ONS) (@ONS) December 20, 2018
Some restaurants including Jamie Oliver’s Italian, have been forced to shut down, Prezzo has also shut all its UK stores.
Many bank branches have also been shut down due to a rise and popularity in online banking.
You must log in to post a comment.