The UK’s high street has been hit with multiple store closures and job cuts, as the sector continues to suffer through a major financial crisis. Stores and jobs are being lost in greater numbers than during the 2009 recession, thanks to a number of contributory factors. The main issues are a fall in consumer confidence and spending, Brexit-fuelled inflation and soaring business rates.
Many major high street names, including Toys r Us, Maplin, Bargain Booze and Poundland have all plunged into administration. Other traditional UK high street retailers such as Marks & Spencer and Mothercare have also been forced to close many of their outlets as profits plummet. With more falling sales figures and grim profit warnings on the horizon, it’s no wonder many retailers are now looking to close down their businesses.
If this sounds like your situation, Clarke Bell can help.