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Retail Store Closures – May – June 2011

 

Posted At: 24 June 2011 15:46 PM
Related Categories: Retail, Retail Property, Retailers, Store Closures

 

• On 22nd June 2011 – Comet announced to close 17 underperforming stores and no new stores are planned. Retailer said margins were hit in a highly promotional trading environment in the UK and lost market share

• On 21st June 2011 - Life & Style reported closing 22 of it 150 stores and making 274 people redundant after it fell into administration earlier in June

• On 17th June 2011 – Haldanes closed all its 23 shops after the owners filed an administration order. It is expected four will reopen

• On 25th May 2011- The administrators of Focus DIY are expected to announce the closure of more than 120 stores

• On 20th May 2011- Firkins Bakery closed its production bakery in Blacklake, West Bromwich, with more than 40 workers made redundant

• On 18th May 2011- Mothercare plans to close around 110 of its high street stores by March 2013, after seeing underlying UK profits slump by 70% in the last year

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According to LDC, in the last two years retail store closures have resulted in a tripling of the shop vacancy rate to 14.5% and the number of profit warnings from retailers has increase tenfold. This could be attributed to a number of factors like significant growth of out of town retail at a rate greater than that of in town, increasing internet sales, growth and expansion of supermarkets etc.

Network Rail, however, is presenting a very different picture, with  retail sales increases at its stations outstripping the high street. Whilst overall retail sales from January to March 2011 dropped 0.8% YoY, trading at train stations across the UK rose 5.17% with London stations outperforming other stations during the quarter.

At the same time it was relieving to see that Harrow council hopes to mask the effects of economic decline by creating London’s first high-tech “fake shop”, turning a boarded-up property into what appears to be a florist’s in an effort to attract independent retailers to the high street as one in five shops in north Harrow is vacant.

With the changing nature of UK high street there is a need to rethink the futures of these empty shops. To read more about FSP’s approach to attracting town centre and shopping centre occupiers, click here

Related Blogs:

Empty Shops level – Q1 2011

Empty Shops level rises to all-time high

Squeezed Middle

Retail Administrations 2010

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