Four in five High Street shops, which were affected by the 27 high profile administrations over the last five years are now open, a recent study by Deloitte has found.
The study, drawn up with the Local Data Company, looked at nearly 5,900 shops across Britain, and found that only 20% are still empty on high streets, compared with 29% in shopping centres and 37% in retail parks.
The study looked at the impact of the 27 high-profile retailers that went under in the past five years, including HMV, Blockbuster, and comet.
Ian Geddes, head of retail at Deloitte, said:
“Historically, retailers have talked about ‘destination’ shopping locations. However, different and more cautious consumer spending patterns have joined forces with a technology-powered convenience culture which demands that goods and services are available as and where the consumer demands.
“Rather than taking shoppers away, the internet is pushing people back to shops with the growth of ‘click and collect’. The evidence suggests that we may be entering a new era of ‘en route’ shopping, powered by mobile shopping and the demand for collection points strategically located at a point between where the consumer is travelling from and to.”
Discount stores account for nearly one in five of all re-lettings of shops vacated due to administrations. Convenience stores have also expanded, accounting for 12% of space acquired post-administration.
Hugo Clark, director at Deloitte and author of the report, concluded the report by saying:
“The results of this research are surprising and seem to challenge a number of myths around the state of the high street. They would suggest that far from being dead, the high street appears to be showing great resilience and a capacity for reinvention.
“It seems that a structural shift is taking place with the high street emerging as an unexpected winner.”
Photo by Nico Hogg