Figures released by Deloittes show that the number of retail administrations increased by six per cent in 2012, and with the recent collapse of Jessops, HMV and Blockbuster within a single week, questions have risen over a potentially a bleak year ahead.
Due to retailers falling into administaration and cutting down store portfolios to avoid financial difficulties, the LDC found early in January that more than 1,400 individual stores were at risk of closure. By the end of 2013 it is predicted that as many as 4000 stores could close across the British High Street.
But Chris Edger, Professor of Muliti-Unit Leadership at Birmingham City Business School, stressed that it is important to remember that a generalisation of a high street in crisis does not apply everywhere. He says “What you’ve actually got is winners and losers and what you have to do is understand how the winners are doing well. Adding that there would be a ‘reformatting of retail’ in the near future.
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