A fresh report has disclosed the list of the most vulnerable shops on the high street, with 132,945 anticipated to shut down in the next 15 years.
The UK has experienced the closure of many shops in recent years, largely due to the shift to online shopping, Covid lockdowns, and rising living costs that have adversely impacted both independent and large enterprises.
Electrical appliance retailers currently lead the list of the most threatened, with predictions of their disappearance by 2029, as per the analysis conducted by Simply Business.
One cherished electrical store in west London had to permanently close after 95 years of operation.
City Radio Stores on Bond Street in Ealing has shut down, leaving customers feeling ‘heartbroken,’ declaring it was ‘the finest electrical shop in the world.’
The shop first opened its doors in 1929 and had become a landmark in Ealing, an area increasingly dominated by large retail chains.
Shoe retailers and homeware shops are also projected to face extinction by 2034, currently undergoing their steepest decline on record.
Which businesses are among the top 10 at risk on the high street?
- Electrical appliance retailers
- Shoe and leather goods stores
- Furniture and homeware outlets
- Pubs and bars
- Newsagents and stationers
- Fishmongers
- Chemists
- Tech and PC retailers
- Watch and jewellery shops
- Clothing establishments
Pubs, bars, and newsagents have experienced the greatest overall reduction in registrations and an uptick in closures.
Simply Business has initiated a ‘Bleak Friday’ campaign aimed at encouraging consumers to support small, independent businesses.
Geoff Keen, the landlord of The Pelton Arms, stated: ‘It’s a mixed feeling participating in Simply Business’ “Bleak Friday” campaign as it highlights the genuine fears that keep many small and independent business owners awake at night.’
‘We experience firsthand the hardships not only for pubs but for all sectors struggling to maintain our livelihoods amid the various challenges we face daily.’
Bea Montoya, UK Chief Operating Officer at Simply Business, remarked: ‘Britain’s independent high street is on the brink of collapse. Our research presents a grim scenario – if swift action isn’t taken, our high streets will soon appear drastically different.’
‘Independent pubs, newsagents, and many others could soon vanish, and the repercussion this will have on communities will be catastrophic.’
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