High street news and archive

Retail vacancy rates stagnate amid rising costs

The increasing costs associated with running standalone stores are deterring retailers from investing in the UK's high street. These costs include rent, business rates, and utilities, which have been on the rise in recent years. As a result, retailers are exploring other avenues such as online sales and pop-up stores, which offer more...

Retail

Primark profits under pressure due to weak pound and high inflation

Primark has seen an increase in foot traffic as its store visits returned to pre-pandemic levels, resulting in a 19 percent sales boost. However, despite this growth, the company's profits are under pressure due to a weak sterling and high inflation. Shares of Primark's parent company, AB Foods, fell 3.6 percent on Tuesday as shoppers prioritise...

BusinessFeatured

Without tax free shopping UK is least attractive shopping destination says Burberry chief

Burberry chair Gerry Murphy has accused UK Prime Minister Rishi Sunak of making a grave mistake in removing the VAT refund for foreign shoppers, claiming that it has made the UK the least attractive shopping destination in Europe. Mr Murphy alluded that tourists can shop tax-free in other cities such as Paris, Milan, and Amsterdam, making the UK...

RetailFeatured

Labour to launch five-point plan to ‘revitalise’ local high streets

The UK’s Labour party has outlined a new five-point plan to “revitalise local high streets”, after the sector took a hit due to rising inflation, costly energy bills and offsets of the pandemic. Among its efforts, the party said it would launch a Police Efficiency and Collaboration Programme that aims to combat anti-social behaviour and “deliver...

Retail

Joe Browns eyes 10 new UK stores by end of 2024, creating 200 jobs

Joe Browns is bucking the broader UK retail trend by announcing ambitious plans to open 10 new stores by the end of 2024 on the back of “robust” Christmas trading. It’s a significant expansion for the fashion and homes retailer, which currently only has two stores: one in York, and another in Meadowhall, Sheffield. The company, which recently...

Retail

UK retailers at behest of unpredictable and extreme weather

One minute it snowed, the next it rained, in what was a week of extreme weather. As a result, shoppers were less keen to venture out, with week-on-week footfall on UK high streets dropping by 10.1 percent. Across all UK retail destinations the footfall gap to 2019 widened to -15.7 percent from -10.9 percent the week previous, according to data...

RetailFeatured

UK store closures are at slowest rate since 2021, according to new report

A new report has found that store closures in the UK are currently at their slowest rate since 2014, with net closures also at their lowest level in five years. Latest figures by PwC, developed alongside the Local Data company, found that in 2022 a total of 11,530 chain outlets exited UK high streets, shopping centres and retail parks, a drop on...

RetailFeatured

London’s Oxford Street sees strong December footfall, but rest of UK struggles

London’s Oxford Street saw a 20 percent month-on-month increase in footfall in December, according to a new report which painted a bleaker picture for the rest of the UK. Oxford Street was the only major high street in the UK to experience an increase in footfall in December, according to accountancy firm RSM, which analysed data from data firm...

Retail

Community space takes over former Debenhams store in London

An abandoned Debenhams building in London has finally been transformed into a multipurpose creative space nearly two years after the fashion retailer closed its doors. Set in the top floor of Hounslow’s Treaty Centre, ‘The Loft’ will act as an incubator, allowing businesses to gain their first high street retail experience in what will aim to be...

Retail

Retail vacancies saw marginal decrease towards end of 2022

New figures from the British Retail Consortium (BRC) found that the UK’s retail vacancy rate saw a slight improvement compared to that of the previous year. In the fourth quarter of 2022, vacancies improved to 13.8 percent, 0.1 percentage points up from Q3 and 0.6 up compared to the same period in 2021. All locations were reported to have seen...

RetailFeatured

Springboard publishes annual UK retail review 2022

Retail experts Springboard’s annual retail review for 2022 shows a slow but steady recovery for the UK’s retail landscape. While footfall in 2022 remained 14.2 percent under 2019 levels, January 2023 has already shown some days to have reached the same trading peaks as during pre-pandemic times. Springboard said the recovery in footfall in UK...

Retail

Black Friday and Christmas sales gave no uplift to retailers

UK retail sales volumes fell by 0.4 percent in November following a rise of 0.9 percent in October when there was a bounce back from the impact of the additional Bank Holiday in September for the State Funeral. Neither Black Friday or the run-up to the Christmas shopping season significantly lifted sales. Figures from the ONS said online...