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How the high street is changing

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Shopping habits are continually evolving and in many ways the report recently published by PWC could be described as stating the bleeding obvious. High streets are pretty visable and we maybe dont really need highly renumerated accountants to tell us what we can see with our own eyes. However some stats do stand out

in total, 4,534 stores opened in the UK last year and 5,430 closed, leading to a net change of minus 896.

Thats pretty significant by any measure.

Banks and financial institutions recorded 44 openings and 240 closures in 2016, with a net fall of 196. The number of bank closures is likely to rise in 2017 after Lloyds announced last week that it was calling time on another 100 branches.

And surely this is only the beginning of a longer term trend

It will be interesting to see how the high street does develop over the coming years. Certainly I would be wary of funding or lending to start ups in certain sectors but on the other hand I am not convinced that online shopping will continue to climb at the same rate. Shopping is still enough of a social activity for many. Genuine human interaction is the key and I also believe that businesses that offer true service, be it a butchers or bookseller, will prosper.

 

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