UK high street decline gathers further pace
Betting shops, charity shops, convenience and discount stores have gained an increasing foothold at the expense of traditional retailers in the first half of 2014.
Research of 500 town centres compiled by PwC saw 406 net closures in town centres compared to 209 in the same period last year. High profile high street collapses such as Phones 4u and La Senza have added to this trend.
The ‘digital revolution’ has seen online growth for shopping far outstrip performance of town centre stores. Retailers are therefore continuing to opt for Retail Park and shopping centre locations as opposed to the traditional high street.
The shift may seem contrary to macro growth figures but this highlights the continuing shift in retail business models from wholly high street to multi-channel.