The British high street is suffering so much that on average, 14 stores are forced to close down every day, Sky.com reports. Author: Deborah Bates
The British high street is suffering so much that on average, 14 stores are forced to close down every day, Sky.com reports.
That’s according to figures collated by the Local Data Company (LDC), which revealed the dire state of affairs. One of the driving factors behind this situation has been cited as the rise in popularity of online shopping.
It seems the ease with which consumers can access a range of stock, delivery options and online payment solutions is convincing them to spend their hard-earned money with internet retailers instead of high street stores. Other factors, such as rental rates rising and the increase in cut-price shops have also accounted for the demise.
Although a disappointing turn of events for high street retailers, this could prove vital to the success of many online retailers, who would be silly not to capitalise on the growing number of Brits heading online for their purchases.
The news comes not long after the LDC confirmed in detail how the face of the UK’s retail sector has changed in the past decade. Figures cited by Myfinances.co.uk demonstrated that between the year 2000 and 2011, online sales doubled within the UK.
The website also confirmed that as overheads tend to be lower than those of static shops, online retailers can afford to slash their prices.