The Centre for Retail Research has released its latest analysis into the future of UK High Streets.
It paints a bleak picture, where total stores numbers could fall by 22 per cent, while vacancy rates could go as high as 20 per cent.
In its detailed analysis Retail Futures 2018 the firm forecasts that by 2018:
- Total store numbers will fall by 22%, from 281,930 today to 220,000 in 2018.
- Job losses could be around 316,000 compared to today
- The share of online retail sales will rise from 12.7% (2012) to 21.5% by 2018 or the end of the decade.
- There will be a further 164 major or medium-sized companies going into administration, involving the loss of 22,600 stores and 140,000 employees. Many of these companies will survive but at the cost of closing more than half their stores.
- In spite of the Portas Pilots, the High Street will continue to suffer: around 41% of town centres will lose 27,638 stores in the next five years.
It points out a looming retail crisis, due to a number of factors, from consumer spending not climbing high enough to match retail operating costs, to the growth of online shopping.
Still, you can always register for PCR Boot Camp – our one day conference and expo for the UK’s technology retailers, which is focused on ‘Connecting with customers’ and making the most of the market in challenging times. Register for free here. It takes place tomorrow, Wednesday May 29th at The Brewery, London.
You can read the full story from CRR and request the report here.