According to many economists and business analysts, the high street has been one of the main casualties of the recession. However a report out to today claims that while the number of retail outlets closing is still high, the pace of closure rates has gone down considerably this year.
The report, conducted by market research firm, ‘Direct Market Data’ found that the number of retailers closing their doors increased by twelve per cent in the last quarter of 2009 , while during the first part of this year they are down by 7%.
Alexander Johnson, founder of Direct Market Data, comments: ‘These new figures are encouraging and indicate that the high street is far from over. However, full recovery is still a long way away.”
Lee Smith, economic advisor to the BCC, agrees: ‘ While the figures are positive the fundamental factor which have lead to the current state of the high street, such as the rise of online shopping, won’t simply go away. If high street retailers are to survive, they must evolve.”