A number of stores will be leaving Britain’s high streets by the end of this weekend, with more closures to be announced later this summer.
At least six retailers have confirmed they have lost selected sites in the UK, including supermarkets, DIY and stationery stores.
According to the Retail Research Center, many of the closings are due to rising real estate costs. It explained: “Retail used to accept high operating costs because highly efficient and profitable multiples could afford high operating costs, thereby displacing small family businesses from prime locations.
“Now that the economic landscape of retail has changed radically, multiples continue to face high operating costs that are unrelated to the much lower profits and sales now being made.”
In the latest retail wave, Marks and Spencer joins Wickes and Starbucks in axing select branches within hours.
