The UK has lost 83% of its main department stores in the five years since the collapse of the BHS chain according to data recently released by commercial property information firm the CoStar Group.
The figure highlights the extent of the upheaval in the High Street as the Covid pandemic sped up changes in shopping habits. CoStar also revealed that more than two-thirds of these shops remain unoccupied with some 237 big stores yet to be taken over by a new business.
“The data undoubtedly highlights the acceleration of change in the retail sector in recent years, which the pandemic has only exacerbated,” said CoStar Group’s head of analytics, Mark Stansfield.
CoStar tracked the UK’s largest chains, from Bhs and Beales to Debenhams and House of Fraser, from 2016 to the present day. Five years ago, they had 467 stores between them. Shockingly now there are only 79 left!
Department stores have long been the cornerstone of UK shopping areas. Many are in purpose-built shopping centres, while some occupy historic buildings. Figuring out what to do with all this redundant space is one of the biggest challenges for landlords, as well as for the town centres that host those properties. Bhs is a good illustration of why there is no quick fix for the problem. Five years after the retailer ceased trading, a quarter of its former outlets have still failed to attract new tenants.
