Internet Shopping to Hit High Street Hard

Shopping To Hit High Street Hard
The Centre for Retail Research warns that one in five shops
across Britain may shut down over the next five years.


5:49am UK,
Tuesday 28 May 2013

The Centre for Retail Research has warned 62,000 shops
may shut down

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One in five of Britain's high street shops could close by 2018 as
more customers turn to the internet for their shopping, new research has
found.

A study carried out by the Centre for Retail Research warned that 62,000
shops could fold in the next five years.

The independent retail analysis group estimated that around 316,000 workers
would lose their jobs as a result, and large areas of Britain's high streets
would be turned into housing.

Online shopping is expected to surge over the next few years, accounting for
22% of retail spending by 2018 compared to 12.7% currently, the study
suggests.

Professor Joshua Bamfield's report, titled Retail Futures 2018, says the
first closures will be pharmacies and health and beauty stores, followed by
those selling music, books, cards, stationery and gifts, as well as DIY
outlets.

He told the Daily Mail: "The total number of UK retail stores will fall by
22% over the next five years from 281,930 to 220,000 in 2018.

"If no action is taken, store vacancy rates could almost double to 24%.
Already this year, 16 major retailers have gone into administration operating
1,985 shops and employing 14,719 staff.

"By the end of 2018, research predicts that a further 164 companies will go
bust, taking 22,600 stores and 140,000 employees with them."

Wales and the North West are predicted to see the highest number of closures,
with nearly one in three expected to go to the wall, while the South East is
expected to see a 13% decrease in the number of shops by 2018

SAYING ON NEWS THAT INTERNET IS HITTING TESCO PROFITS WHICH ARE DOWN.