Internet shopping has soared in popularity especially with today’s millennials who have now grown up in an era of technology, why go out in the cold when you can order for next day delivery. If you look at the social media culture many shoppers are now thinking more carefully about their spending habits and buy based on reviews and recommendations from shared posts instead of impulse.
Many big high street stores in commercial properties have recently announced closures, the likes of Debenhams, Marks and Spencer’s, House of Frasier. These retail giants are blaming the internet for the demise of the high street and some have said that traditional shopping streets are already dead and would be extinct by 2030. We have not only seen the decrease in commercial properties with retail shops but also with banks, travel agents and estate agents which were hit with the highest number of closures.
According to the LDC the amount of stores affected by administration has increased by 50% to 2,085 from the 1,383 stores that closed in 2017.
It’s not all doom and gloom, it was announced in the 2018 budget that business rates will be cut by a third for retailers in properties with a rateable value of less than £51,000 to help reduce the downfall of the UK high street.
Thank you for taking the time to read our blog, you may wish to take a look at our website https://farringtonhousebuyers.co.uk if you are looking for a solution for your empty commercial property.