It’s not uncommon these days to walk down your local high street and be faced with numerous empty shops. Well, unfortunately, this trend seems set to continue. A report released yesterday warns that one in five shops are expected to disappear from the high street over the next five years. This also means that over 316,000 people could be made unemployed.
So what’s going on? It seems that consumer spending has risen since 2006 but only by 12% and operating costs are so high that retail stores are finding it difficult to cope. With the number of empty shops on the rise there have been proposals to turn the empty space into leisure outlets, offices or classrooms.
As well as low consumer spending and high operating costs there are numerous reasons as to why the high street is in decline. One of the major contributors is the growth of e-commerce with many consumers turning to the internet to purchase books, electronics, food and more.
Let us know your thoughts. How can we help to revive the high street and how are you competing against the internet?