The reasons for store closures in the UK are complex. They include changing shopper patterns, the Corona virus crisis and the pressure of online shopping. In the UK, more than 8,000 stores will close this year. It is estimated that an average of 47 will close each day by 2021.
Changing shopper patterns
One hypothesis for the UK’s store closures is that shopper patterns have changed, especially with the recent pandemic. While major factors such as the number of stores and average basket size remained relatively static, shopper behaviour has dramatically changed in the past year. An initial top-level analysis showed an increase in grocery sales of +5.5%, which is significantly above the UK’s inflation rate of 1.5%. This growth is thought to have been driven by larger basket sizes, which compensated for a sharp drop in shopper numbers later in the transaction review period.
The changes are more complex than simply stockpiling staples. For instance, recent reports show that consumers are prioritising their ‘five a day’ diet, increasing their consumption of fruit and vegetables. According to the research, the trend towards healthier eating habits is likely to continue in the future.
The financial crisis has increased uncertainty among businesses across the UK, and that has resulted in a sharp drop in retail sales. In April, 84% of businesses said that uncertainty was at an «extreme» or «very high» level, up from 46% in March and 33% in February. The coronavirus has also increased uncertainty in the UK economy, with a large proportion citing the virus as the primary source.
The government has eased Covid-19 restrictions, but despite this, retailers have been hit hard. As a result, the number of retail firms closed jumped by 40 per cent compared to a year ago. This increase was the main cause for the 8% increase in total business closures. Lockdown curbs forced many consumers to stay at home, leaving many of them without a place to shop. But as the economy has begun to pick up, more people are heading back to the high streets. But with less money available to spend, fewer people are spending as much money online as they did before the Covid-19 pandemic.
Pressure from online shopping
In the UK, pressure from online shopping is driving many stores to close. The UK’s retail sector is facing challenges due to high rents, rising local business taxes, and competition from online shopping. Many major chains have recently announced closures or scaled back their operations. As a result, many high streets are looking increasingly bare.
According to the British Retail Consortium, the number of stores closing in the UK has hit a record high. Fashion outlets have been hit the hardest, with a high proportion of closures taking place in shopping centres. According to Business Live, data from the Centre for Retail Research shows that nearly 3,000 stores will close by 2020, with a further 600 facing the axe. Bonmarche, which has closed its doors for the second time in a year, is one of the worst hit retailers, putting up to 1,500 jobs in danger.
Online shopping has boosted UK retail sales for years, putting pressure on traditional bricks-and-mortar stores. As a result, many British fashion retailers have switched their spending priorities to technology. Last December, ecommerce accounted for nearly a quarter of total sales, according to Kantar Worldpanel. Retailers are also investing more in logistics, online sites, and apps to stay ahead of the competition.
Despite the pressure from online shopping, UK consumer spending has risen following the lifting of spring lockdown measures. The Internet retail sales share has remained elevated from pre-pandemic levels. In addition to reducing pent-up demand for durables, e-commerce also plants the seeds for e-commerce. In the end, the closure of brick-and-mortar stores will drive more consumers to shop online.
The COVID pandemic has further accelerated the trend of online shopping. A recent survey found that 44% of consumers surveyed say they are shopping online more in the last year. The trend is further increased by the rise of social media platforms. Additionally, consumers have become more localized — 21% say they are shopping in their local area than outside of it.
These developments have impacted UK high streets, but there are ways to protect them and ensure their vitality. While it’s not yet a cure-all, local councils must adapt their strategies to keep their high streets alive. By following these changes, the high street sector can stay vibrant and financially viable.
The UK retail industry has been hit by rising costs and falling consumer disposable income. Retail sales in the UK have grown at a slower rate than in the previous years, but prices have not caught up. Moreover, the weak pound has caused higher costs for imported goods.
Living in the UK is a unique experience, but it is not without its drawbacks. The country is overcrowded, especially in the south east, which makes it difficult to get around. The roads are full of traffic, and expensive houses are packed together like sardine tins. There are also countless examples of property developers building ghastly, overpriced houses. Another downside is the British national psyche, which alternates between arrogance and self-hatred. In one moment, they sneer at everything British, and the next moment, they’re wistful and nostalgic. However, one of the most notable positive things about the UK is its blue-chip art.
London is a great place to live
London is a great place to live for a number of reasons. Its location, great transport connections and overall low crime rate are just a few of the reasons why it’s a desirable place to live. However, it can also be quite hectic, with traffic jams at times. Fortunately, London is a safe city, with CCTV cameras almost everywhere and a very active police force.
The cost of living in London varies according to which borough you live in. The most popular boroughs tend to be more expensive, while the less affluent areas tend to be cheaper. This means that you will need a reasonably high salary to enjoy the city without breaking the bank.
The city also offers a wide range of options. There are a number of large council estates, although these tend to be further from central London. Therefore, if you plan to move to a new area, it’s important to do your homework on transport links. For example, areas further to the east and south of the city will have fewer connections to the city centre.
The city is also known for its culture and food. The area of Camden is a popular choice for foodies and live music fans. There are a number of great restaurants, clubs, and bars to enjoy. But, there are also some drawbacks to living in London. The cost of housing, the congestion, traffic, and pollution are major issues, and the crime rate in the city is high.
While London is a city that is densely populated, it is also known for its green space. Despite the high cost of living in the city, there are a number of places to buy cheap goods. The best place to buy cheap goods in the city is the local market in your area.
Although the city is large and has an incredible range of attractions, living in London can be expensive. Its house prices are among the highest in the world. According to Business Insider, London has one of the most expensive housing markets.
It’s a melting pot
The term «melting pot» is often associated with the American identity and the confluence of different cultures, but it is also applicable to life in the UK. With so many ethnic groups living in London, there is a real sense of diversity. Acton and West London are two examples of multicultural communities that are a part of the borough of Ealing.
One play that celebrates this diversity is The Melting Pot, a musical adaptation of William Shakespeare’s Romeo and Juliet. It follows the lives of a Jewish composer who meets a young girl and falls in love. The plot of the musical challenges his relationship with the two women, who have very different backgrounds and cultures.
The UK has a unique history of multiculturalism. It has long been a melting pot, and this diversity has shaped its identity. But the recent attacks in Paris have raised fears of Islamophobia. British Muslims living in London share the experiences of others and deplore such acts of terror. They are working to educate the next generation about the importance of diversity.
The Scottish independence referendum is about identity. A referendum in Scotland may split Britain. It could rip apart a fragile process of building kinship and alienate young people who may look overseas for inspiration. In the UK, five million Scots make up less than ten percent of the population. However, the question remains — who will be left out?
The diversity of the workforce benefits UK businesses. According to Jobsite research, two-thirds of UK workers prefer working in multicultural teams. A diverse workforce brings new ideas and perspectives to the table. Furthermore, 76% of non-native workers say diversity improves the workplace. However, cultural misunderstandings in the workplace can create a dangerous atmosphere for everyone.
There are many pros and cons to living in the UK. One major con is the high cost of living. Rent and house prices are higher than in many other countries. However, the price of British Gas and Tesco is roughly the same as elsewhere. In addition, there are cheaper alternatives. One of the pros of living in the UK is the weather. Some people love the British weather, while others despise it.
While living in the UK, you’ll discover that the country has a unique sense of humor. British people are known for using irony and sarcasm, and they regularly insult each other. They also enjoy talking about the weather, which is another source of British humor. While a sense of humour is not universally enjoyed, it certainly can make life in the UK fun.
The UK is full of cultural and historical richness. The country is a melting pot of many cultures, making it a quirky country to live in. The West End, for example, is home to award-winning and world-renowned drama productions. British museums are also free, which is a huge perk for visitors.