In the wake of the announcement that Mothercare will be closing its remaining 79 stores, 61% of Brits are worried that the high street will disappear completely over the next ten years, according to research by KIS Finance.
From surveying 1,000 consumers in the UK, KIS unearthed that 61% of Brits are worried the high street will disappear completely due to the ever increasing number of big-name store closures.
It also discovered that convenience has become a key factor that affects shopping habits, with respondents detailing how if local high streets had free parking and easy accessibility, consumers would be more likely to shop in-store.
Northern cities and Scotland have been worst hit by store closures so far, but people anticipate many more to come.
In the UK, online shopping is one of the key factors affecting the future of the high street.
82% of the British public now shop online, up from just 53% ten years ago.
The UK is also the country with the highest percentage of e-commerce sales, with over 18% of all retail sales online.
This compares to only 8.9% in the USA and 11.2% in Germany, where shoppers still seem to prefer the in-shop experience.
James Child, retail analyst at EG, comments: “Some of the country’s best-loved brands have been forced to consolidate space or shut entirely. Mothercare, Toys R Us, Maplin, Next, Marks & Spencer, House of Fraser and Debenhams (amongst many others) have all fallen victim to the changing consumer trends that have churned the landscape of British high streets.
“In the retail sector online spend is almost breaching 20%, with 1-in-every-5 pounds spent coming through internet sales, which has effected the true value of physical retail stores. It is quite likely that there will be a continuation, if not an increase of the negative headlines in retail. The raft of CVA’s and administrations in the sector has culminated in an expected 1,600 store closures across the UK, with over 18 million square foot of prime retail real estate vacated.”