High Street store closures

So it looks almost certain that Debenhams will close down, the latest in a list of well known High Street store closures in recent years.

The Centre for Retail Research tells us that since 2008, 32 major High Street retailers have closed  with the loss of 12,770 stores and over 175,000 jobs.

Between 27th December 2008 and 6th January 2009, all 807 Woolworths stores closed with 27,000 job losses. It seemed that almost every small town shopping centre had a Woolworths store, and the closures were keenly felt because of the loss of a valued facility and because in small town Britain everyone knew someone who worked there. There was a real sense of shock.

The first thing that I would look for at a shopping centre was whether there was a Woolworths and a Boots.

But however much Woolworths was loved, people simply didn’t buy enough from their stores. The reasons for its demise are still debated, but competition from the pound shops was certainly a factor. Although their business model can be criticised, many Woolworths premises have been taken over by new owners working to a similar “variety and value” offering and have been able to succeed.

The list of High Street store closures has continued to grow, and includes Littlewoods, Virgin Megastore, Freeman Hardy Willis, Poundworld, Blockbuster, C&A, JJB Sports and Comet.

The Arcadia Group has now gone into administration which puts a question mark over the future of Burton, Dorothy Perkins, Evans, Miss Selfridge, Topshop, Topman and Wallis.

Debenhams now looks certain to close bar a miracle. That’s 124 stores, mostly in cities and larger towns, and 12,000 jobs, lost by the end of March.

Do we care?

The research agency Melody has asked this very question at a time when we already know that brand loyalty is in decline.

Almost half of UK shoppers wouldn’t miss any of the retailers that have gone into administration, including almost two thirds of the over 55’s. While less than one third of shoppers earning £75,000 a year wouldn’t miss any of the retailers, almost two thirds of those earning less than £15,000 would.

An exception to this trend?

One third of the shoppers said that they would miss Debenhams!