High Street Help

High Street Or Ghost town? 

According to the British Retail Consortium, six thousand shops have closed in the UK in the last five years because of crippling business rates. Stores have been closing in droves over the last few years, with hard hitters like Debenhams, Woolworths and Topshop adding to the long list. 

Another major high street brand Boots is expected to close a further dozen or more shops across the UK in 2024, with the aim to permanently close a total of 300 stores. The US owners, Walgreens Boots Alliance, said that the closures were to help enhance the remaining branch locations and opening hours. 

Household names, Wetherspoons, Costa, Argos, Clintons, and Lloyds Pharmacy are just a few others saying farewell to the High Street, either because of closures or sale. Many claim the closures are necessary to focus on expansion and improvement of their branches elsewhere. Argos’ plan to close a total 100 high street sites is well underway, but they have increased their presence in supermarkets, opening a further 25 within Sainsbury’s stores. This comes as Lloyds Pharmacy closed all its’ 237 branches inside Sainsbury’s, resulting in 2,000 job cuts. 

Fashion retailers claim the change in customer behaviour have fuelled closures, with shoppers favouring online spending. Over the past few years, New Look has cut its portfolio by almost 50% and H&M has closed 336 stores worldwide. M&S also announced 67 closures to try and save £300 million. 

However, it is not all doom and gloom as some have ambitious goals, bringing life back to our high streets. Mango is set to open 13 new stores this year; Lounge underwear is to open a further 8 as part of its plan and Screwfix is punching high, aiming to reach its 1000 target stores in the UK and Ireland. Pets Corner is on track to open 10 new stores by end of this year after securing an eight-figure funding package from HSBC. The bakery chain, Greggs said it hopes to open about 150 new locations this year, with expansion in retails parks, travel sites, roadside locations, and industrial estates.