HIGH STREET news and archive

Legal and General re-imagining retail with rent-free UK high streets

Institutional investor Legal and General Investment Management (LGIM) Real Assets has launched a new blueprint for the future of the high street, which includes rent-free shops, as part of its strategy to “re-invent and re-position” retail. The project kick-started with what it is calling a “curated shopping street,” called ‘Kingland’ in Poole,...

13 Apr 2021

Retail

Easter weekend saw surge in footfall as shoppers await reopenings

The cold weather on Easter Monday put only a slight damper on the long weekend as consumers are eager to see an end to restrictions. Footfall across all UK destinations rose 8.5 percent last week, with high streets up 9 percent and retail parks 9.7 percent, according to the latest figures from Springboard. Having passed the anniversary of...

7 Apr 2021

Retail

Government urged to adopt Shop Out to Help Out scheme to save high street

Last August the UK government launched the initiative Eat Out to Help Out Scheme in a bid drive traffic to cafes and restaurants during local lockdown. This year campaigners are calling for a similar proposal to save the ailing high street, with a scheme called Shop Out to Help Out. The campaign group Save The Street, backed by notable industry...

29 Mar 2021

Retail

Retail sales in the UK and Germany give an early read of the European economy

The second quarter of 2021 should have been a time for economies reopening, and all eyes are on the UK and Germany to give an indication of consumer sentiment and retail sales. The UK and Germany Spend Insight Report by Fable Data shows UK spending the week of 15 March was up 1 percent on 2020 and down 1 percent YoY on a rolling 28 day basis....

29 Mar 2021

Retail

More than 17,500 UK chain store outlets disappeared as a result of Covid-19

Recent talk of revenge shopping will not be a help to the 17,500 stores that disappeared from the UK’s high streets, shopping centres and retail parks during the pandemic, as figures from the Local Data company (LDC> and Price Waterhouse Coopers (PWC)show. An average of 48 shops, restaurants and other leisure and hospitality venues closed...

15 Mar 2021

Retail

Retail footfall continues to rise, despite lockdown

Warm weather has inspired shoppers to come out, despite store closures during the latest lockdown. Footfall to the UK’s high street rose 15.9 percent last week, more than double that of shopping centres, which saw a rise of 6 percent. The Average footfall across all destination rose 11 percent, down -56,5 percent over 2020. The latest data from...

1 Mar 2021

Retail

John Lewis may close 8 of its remaining 42 stores to cut costs

John Lewis is set to close a further 8 stores of its remaining 42 store portfolio. It would be the equivalent of a 20 percent cut of its retail operations as the high street giant aims to save 300 million pounds per year to secure its future. The Sunday Times reported John Lewis is in negotiations with landlords which could see hundreds of jobs...

22 Feb 2021

Culture

London's arts and culture sector hit hardest by Covid-19

As the Chinese New Year holiday sweeps Asia this week, the key travel and shopping celebration many retailers have come to see as a sales opportunity, will bypass the UK. London, which in 2019 was voted one of the world’s top shopping destinations, remains closed to most international visitors. It comes as no surpise that new research published...

1 Feb 2021

Retail

Debenhams found a buyer, but not for its stores and staff

After a fraught year of financial crises, successive restructurings and impending closures, Debenhams finally found a buyer. Fast fashion retailer Boohoo has bought the ailing high street retailing brand and its website, but has no interest in its stores. A deal that sees all Debenhams staff lose their livelihoods The 12,000 jobs that have been...

25 Jan 2021

Business

John Lewis repays 300 million pound Covid loan

John Lewis has repaid a 300 million pound Covid relief support loan earlier than scheduled. After a holiday season of positive trading the British retailer had enough liquidity to return the funds, reported the Financial Times. The loan was due for repayment on March 15 and is part of the central bank’s corporate financing facility “under which...

22 Jan 2021

Retail

200,000 retail job losses forecast for 2021

The UK is forecast to see 200,000 job losses in 2021 as the effects of the coronavirus lockdowns compound an already troubled industry. In 2020 an average of 320 stores were shuttered every week. New figures from the Centre for Retail Research (CRR) show a bleak retail landscape for 2021, with shopping in high streets and malls less pleasant...

21 Jan 2021

Retail

Footfall continues to decline in Lockdown 3.0

As would be inevitable, the second week of Lockdown 3.0 across the UK saw a -68.2 percent decline in footfall over the same period last year, and -12.8 percent week on week. All shopping and retail destinations have been affected by less traffic, although the rate of decline slowed to less than half of the week before, according to the latest...

19 Jan 2021