As stores like New Look, Maplin and Toys ‘R’ Us close at a rapid pace, we look to independent stores as saviours. Often, independent goods have an unrivalled quality and the service is intimate, offering a retail experience that is memorable and tailored to the customer. Inspired by the rise of independent stores, British marketplace OnBuy.com considered retail and leisure multiple and independent openings and closures in 2017.
It was found multiple (chain) store closures have been seen in every region – except Yorkshire and the Humber with a rise of 11 openings. The steepest falls were seen in the West Midlands (-143 multiple closures), Greater London (-92 multiple closures) and the East of England (-86 multiple closures.)
Independents, on the other hand, grew everywhere except in the East (-19 independent closures) and South West (-29 independent closures). The North West (230 independent openings), West Midlands (194 independent openings) and Scotland (114 independent openings) saw extraordinary growth in their independent store markets.
OnBuy.com considered retail and leisure vacancy rates by region, since the end of 2016, and found that only three regions have seen an increase: Greater London (up +0.1%), the South West (up +0.1%) and Yorkshire and the Humber – with the biggest increase of +0.6%. Regions that currently hold the highest rate of vacancy include the North West (15.1%), the North East (14.8%) and Yorkshire and the Humber (14.5%.) Alternately, the East of England (10%), South East (9.9%) and Greater London (7.5%) hold the lowest rate of vacancy.
Cas Paton, managing director of Onbuy.com comments: “It is sad to see well-loved, British companies closing– but we must move with the times. Keen business men and women have their eye on vacant spaces across the country and we must support our local independents, bricks-and-mortar businesses. It’s the only way for retail to survive.”
