A third of independent UK High Street shops are now cafes, pubs, restaurants, and takeaways, according to new research.
The study, conducted by insurer Simply Business, based on quotes requested by 75,198 businesses between 2008 and 2010 provides a really interesting insight into which types of shops are becoming more popular and which are in decline as UK independent High Street retailers face stiff competition from large chains, supermarkets and shopping malls.
Whilst cafes, pubs, restaurants and takeaways are showing growth, the number of independent clothes shops has declined, making up only five per cent of high street businesses in 2010, compared to six per cent two years ago. These results suggest that independent fashion retailers are struggling to compete with the big high street chains and the increasing number of shopping malls, such as Westfield in London and the Bullring development in Birmingham.
Likewise, independent newsagents are struggling, with the proportion of shops having halved between 2008 and 2010. The decrease perhaps suggests that these shop owners are finding it increasingly hard to compete with the proliferation of local supermarket chains on Britain’s high streets. Tesco, for example, is due to open 292 more stores this year alone.
There are success stories too – independent hairdressers and beauty salons are thriving with the proportion of hairdressers increasing from four to five per cent since 2008 and the proportion of beauty salons from two to three per cent.
Jason Stockwood, CEO at Simply Business, commented:
“The business climate has clearly been more favourable for some retail businesses than others and this has influenced the make-up of high streets across the UK. While it’s great that food and drink businesses are doing well, it’s worrying to see that certain sectors such as fashion and newsagents are in the decline, with competition from the big high street brands a likely cause.”
“With the Government currently focused on increasing the number and diversity of independent retailers in Britain’s towns, it’s crucial that start-ups don’t fall at the first hurdle and have every opportunity to compete with the big boys,” continues Stockwood.
“This means favourable planning laws, affordable business rates and easily accessible advice, support and finance.”
The study also highlights some regional high street hot spots – London remains heaven for foodies – with restaurants accounting for 11% of the capital’s High Street businesses. The South West, Wales, and the North East are all about the caffeine, with 12 per cent of these areas’ High Streets now accounted for by coffee shops. If you’re after something a little stronger, best to head to Wales where there’s higher percentage of pubs and bars than any other region – cheers!
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