Department stores, once being the main attraction on many High Streets, have somewhat lost their appeal. A few months ago, you could read some statistics published online concerning the state of the department stores. They showed that the number of the department stores in England had dropped. If you’re a merchant interested in growing your business and getting a WorldPay review, just read below.
The Retail Business in the UK
The number of big department stores in England has dropped by 25% in less than a decade. It’s reached 180, based on the results of a research carried out a few months ago.
The rise of online shopping and a Brexit-related jump in prices have created more problems for British retailers. Some companies state that the closures are an absolute necessity for trading and staying competitive.
The announcements about closing UK department stores speak of the shift towards online shopping. Besides, it highlights the overcapacity concerns that a significant part of the market deals with. This is according to Richard Lim, the head of market analysis group Retail Economics.
For instance, House of Fraser is going to cut 31 shops, which will affect 6.000 jobs. On the other hand, Debenhams intends to close stores as profits fall. As for BHS, the chain collapsed 2 years ago affecting 11.000 jobs.
Why UK Department Stores Are Closing
Market research firm Springboard’s Diane Wehrle thinks the reason is that they haven’t upgraded their shop floors, product ranges or online offerings to the necessary extent. Today’s access to global products has increased the standards of modern consumers. They can purchase anything they want online.
By the way, if you’re a merchant interested in a WorldPay review, turn to a reputable payments expert in the UK and you’ll get the best deal. With a respectable comparison company, you can enjoy the lowest rates and the right merchant services for your business.
These problems emerged amid a general slowdown on the High Street. This was also linked to lower consumer confidence, online competition and rising overheads like higher minimum wages. By the way, there’s been a decrease in the total number of shops in England. They’ve fallen by 1% to 403.000, which is down from 407.000 over the same period.
Author Bio: Payment industry expert Taylor Cole is a passionate merchant account expert who understands the complicated world of accepting credit and debit cards at your business. His understanding of the industry and a WorldPay review has helped thousands of business owners save money and time.