I am sure everyone can agree that online shopping makes life much more convenient and products much more accessible. You can search on an international market and receive your order as soon as the next day. However, online shopping has drawn business away from local stores, resulting in a declining local economy, and causing closures on our high streets.
It is becoming progressively harder for ‘brick-and-mortar’ businesses to survive in the modern age, with numbers from the Local Data Company showing that 79,000 stores closed between 2018 and 2022, while only around 41,000 opened. Based on this, it is predicted at least 8,000 more will have closed by the end of 2025. Furthermore, it seems that there will not be any conclusion to this issue soon, due to reduced consumerism in the local area. These closures create a vicious cycle that makes it harder for other shops in the area to profit, resulting in more closure, as the Retail Sector Council warns: ‘The more stores that close, the more stores that are likely to close.’
The shift also has been affecting certain types of business more than others, with banks hit the worst, having declined over 60% since 2010. Clothing stores have also been seriously affected, with over 3,600 located in major towns and cities closing over the same period. In fact, the problem is only growing, with 42 vacant shops in London’s most popular shopping district, Oxford Street, only last year. On the other hand, the change in consumer attitudes does seem to have expanded the horizons for other businesses, since the number of restaurants, hairdressers, and beauty salons has increased in recent years. As such, the shrinking market for local goods has paved the way to a growing market for establishments that provide physical, individual experiences.
Despite the unmistakeable evidence of this trend, it has been proven unappreciated by many, as a poll conducted nationally by Public First revealed 51% of consumers believed their high street was declining, while only 13% felt it was improving. The damage can be seen as close-by as our own local high street in Stourbridge, in the abandoned remains of a Pizza Express and the numerous empty lots along the Victoria Passage in recent years.
While some local councils have been attempting to revitalise their local economies, it is unlikely the movement will be seeing an end any time soon unless national shopping habits change, especially with the continually rising cost of living and the lingering effects of the covid-19 pandemic still putting extra pressure on stores. Therefore, although online shopping may be a useful tool for any consumer, it is vital that we continue to support our local businesses.
Image:
Free Photo | Store closed with board
Statistics and Quote:
https://www.cityam.com/uk-high-streets-risk-becoming-wastelands-with-15000-shops-to-shutter-by-2025/