November 29th 2024.
Over the past few years, the United Kingdom has witnessed a staggering number of shop closures. This trend has only been exacerbated by the rise of online shopping, the effects of the Covid pandemic, and the ever-increasing cost of living. Both small independent businesses and larger corporations have been struggling to keep their doors open.
Recently, a new list has been released, revealing the most endangered shops on the high street. According to this analysis from Simply Business, a total of 132,945 shops are expected to close within the next 15 years. It's a concerning figure that highlights the dire state of the UK's retail industry.
At the top of the list are electrical appliance shops, which are predicted to disappear entirely by 2029. This news hits particularly hard for those who have been loyal customers to these businesses for many years. For example, one beloved electrical shop in west London, City Radio Stores, has recently shut down after operating for an impressive 95 years. This closure has left many customers "distraught" as they fondly remember it as "the best electrical shop in the world."
Unfortunately, City Radio Stores is not the only independent shop that has been forced to close its doors. In fact, many high streets have become dominated by chain retail stores, leaving little room for small businesses to thrive. This trend is expected to continue, with shoe shops and homeware stores also facing the possibility of extinction by 2034. These two industries are currently experiencing their fastest decline ever.
Curious about which businesses are at the highest risk, Simply Business has compiled a list of the top 10 most endangered on the high street. This list includes electrical appliance shops, shoe shops and leather goods, furniture and homeware shops, pubs and bars, newsagents and stationers, fishmongers, chemists, tech and PC shops, watch shops and jewellers, and clothing stores.
Among these, pubs, bars, and newsagents have seen the largest drop in registrations and an increase in closures. In response to this concerning trend, Simply Business has launched a "Bleak Friday" campaign, urging shoppers to support small and independent businesses. The owner of The Pelton Arms, Geoff Keen, expressed his bittersweet feelings about this campaign, acknowledging the fears that keep small business owners up at night.
Bea Montoya, the UK Chief Operating Officer at Simply Business, emphasizes the urgent need for action to save the independent high street. She warns that if things continue at this rate, our high streets will soon look vastly different. The disappearance of independent pubs, newsagents, and other businesses will not only have a significant economic impact but will also be devastating for communities. It's a call to action for everyone to support local and independent businesses before it's too late.
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