Commercial property
High streets
Word on the street The traditional model of the British high street seems no longer sustainable. Could conversion of retail units under permitted development rights be part of the solution? John Dean
The October 2019 collapse of Thomas Cook is a recent example of what some have termed a retail apocalypse. The last few years bear testament to the enormous challenges facing the sector, which have resulted in the substantial diminution and in some cases the demise of many household names. Woolworths and House of Fraser have largely been confined to the history books; Debenhams, Arcadia and Monsoon have all fallen prey to insolvency processes. In July 2019, William Hill announced that it was closing down 700 betting shops and Ladbrokes Coral, the UK’s largest bookmaker, is expected to shut around 1,000 outlets. Public houses are disappearing from towns and appearing en masse in the auction room and high-street banks, with the notable exception of Metro, are closing their doors to the public. Even retailers with a healthier balance sheet are feeling the pinch: 12 Journal January/February 2020
Marks & Spencer is anticipating closing 100 stores and Boots plans to shut 200 of its smaller pharmacies. Busy streets even in affluent areas now resemble ghost towns. Is it high noon for the high street? The rise of more convenient internet shopping is undoubtedly a significant factor in this malaise. Internet retailers also have fewer resource requirements and do not have to pay rents and business rates on premises in expensive locations. Out-of-town shopping centres such as Westfield in London, Bluewater in Kent and the Intu MetroCentre in Gateshead pose another threat. Their rise in popularity, particularly among younger generations, might be attributed to the way they combine retail with leisure, entertainment, a place to eat, drink, socialise, have a facial or even to work. With free wi-fi and the increase in availability and reliability of mobile data, extras once considered