British Storefront Retailers Hurting Financially as Recession Lingers

Tuesday 28th of July 2009 03:24:14 PM

British Storefront Retailers Hurting Financially as Recession Lingers

The British Retail Consortium reports regularly on the status of the British retail sales. Selling everything from cheap t-shirts to high brow fashion, the stores have been struggling as the recession went deeper and deeper. The British Retail Consortium recently issued a report that indicates both name brands and small businesses are closing or going bankrupt as consumers turn to the internet for better deals or focus on saving money for emergencies.

What was particularly interesting about the most recent report is that it indicates many of the shops and stores in the centre of town are were struggling before the recession even began. High streets rely on retailing for core businesses, but the shopping districts have also had to adjust to changing consumer spending patterns. More and more people are turning to the internet to find household items and clothing such as polo shirts and uniforms.

Since so many retailers were hurting financially before the recession, it is not a surprise that many of them are now failing. The recession only served to hasten their demise. Currently the British town centre shops are experiencing a 12 percent vacancy. The report is named 21st Century High Streets: A New Vision for our Town Centres. It addresses economic health, public spaces, costs, and parking and transportation access.

Stephen Robertson British Retail Consortium Director General was quoted as saying, “High streets are the heart of local communities and economies - providing jobs and essential services. They are a crucial part of our national retail mix but many of them are in trouble, facing difficulties that began well before the current recession." In order to survive the recession and the succeeding years, many retailers will have to learn to adapt to changing retail conditions.