Written by: Keith Tully
Published: 29th May 2013
One in five shops will shut their doors by 2018, according to a new report.
Findings by The Centre for Retail Research (CRR) reveal that businesses on the high street will suffer considerably in the coming years. The study, ‘Retail Futures 2018’, forecasts that online retail is the main threat and that 164 major or medium-sized companies will go into administration in the next five years.
It has been warned that radical changes need to be made by the government and retailers to “preserve what is best in retailing.”
Key findings include:
CRR claim that high streets are threatened by changes in retail structures. Therefore, they recommend that a “pump-priming fund of £320 million is required to start redeveloping these problem town centres to turn failing and empty shops into good residential accommodation, create more service/entertainment/leisure outlets, and/or provide offices, doctor’s surgeries, classrooms/meeting rooms or other facilities for which there may be a local demand.”
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