In the wake of the announcement that Mothercare will be closing its remaining 79 stores, with the loss of 2500 jobs, it’s no surprise that 61% of Brits are worried that the high street will disappear completely over the next ten years, according to research by KIS Finance.
From surveying 1,000 consumers in the UK, KIS unearthed some interesting findings including:
•61% of Brits are worried the high street will disappear completely in the next ten years due to the ever increasing number of big-name store closures.
•Fashion, food, beverage and value brands are predicted to be the biggest victims of the high street due to online competition.
•Convenience is key factor that affects our shopping habits – if local high streets had free parking and easy accessibility, consumers would be more likely to shop in-store.
Holly Andrews, Managing Director at KIS Finance says:
“With store closures flooding our newsfeeds recently, we were interested to find out what the future holds for the high street and how consumers’ shopping habits might affect retailers’ footfall.
“It is obvious from our research that people do still like going into store to shop, but it just isn’t as accessible as online shopping is.
“To save the high street many retailers need to ensure that they are thinking innovatively about how to draw customers in with clearer in-store stock checks, more staff and extended hours during busy periods.
“The reason why so many retailers are struggling with their stores is because consumer shopping habits are changing and the high street needs to change with it, creating a more community led atmosphere with more accessibility and variety for everyone.”
How will the high street look in ten years?
After asking consumers what they think the high street will look like in ten years, it seems that consumers are worried that independent stores won’t exist. The list below runs from most likely to least likely.
1.Restaurants
2.Coffee shops
3.Second-hand shops
4.Bars
5.Fast food restaurants
6.Retails chains e.g. department stores
7.Clubs
8.Cinemas
9.Banks
10.Travel agents
11.Independent retailers
