UK department stores have become dangerous creatures. Since the collapse of the BHS chain in 2016, the country has lost 83% of its major department stores, showing just how badly its shopping streets have been affected by the online boom and epidemic.
According to data compiled by the Costar Group in July, only 79 supermarkets are currently open, compared to 467 five years ago.
In addition, two-thirds of these closed buildings are vacant. About 237 buildings have not yet been acquired by a new company, while there are plans to convert only 52 buildings.
These bad numbers illustrate the rapid pace of decline in brick and mortar retail with online retail linked to the Govt epidemic.
Mark Stansfield, Costar’s head of analysis, told the BBC: “The data undoubtedly underscore the pace of change in retail in recent years, which has only increased the epidemic.”
“We see more and more forward-thinking property owners anticipating the problem and redesigning key properties in our city centers to become the focal point for recovery.”
“I think many more projects will come to light in the coming months. Once these stores close, new opportunities will arise.”
According to the Costar Group, PHS is a prime example of the problems that businesses face on the shopping streets. The cheap clothing and home use chain collapsed five years ago, but since then a quarter of the previous stores have been empty.
In Debenhams, the most recent example, according to Costar, 149 former stores are still vacant.
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