New Research Reveals Grim Outlook for UK High Streets

  • 60% of British people believe high street will eventually disappear
  • 85% feel high street is in decline
  • 35% blame business rates for struggles
  • 25% blame charging for car parks
  • Online shopping and changing habits also blamed
  • Over a quarter of businesses sell online
  • 25% seek alternative sales methods
  • Businesses with 1-10 employees most affected in SE and Wales
  • CEO Neil Davies: issues are multiple and unreasonable business rates top cause
  • Innovation and problem solving may not be enough to save high street

A recent study by Close Brothers Asset Finance reveals that 60% of British people believe the high street will eventually disappear, with 85% feeling it’s already in decline. The research surveyed over 900 businesses and found that business rates are the primary cause of struggle for 35%, followed by parking charges (25%) and online shopping. Changing habits and out-of-town shopping centers also contribute to the issue. Over a quarter of businesses sell online, while 25% seek alternative sales methods. Businesses with 1-10 employees in the south east and Wales are most affected. CEO Neil Davies warns that innovation may not be enough to save high streets unless concerns like business rates and parking charges are addressed.

Factuality Level: 8
Factuality Justification: The article provides accurate and objective information based on a survey conducted by Close Brothers Asset Finance with relevant data and quotes from the CEO of the company. It presents the findings without any personal perspective or sensationalism.
Noise Level: 3
Noise Justification: The article provides relevant information about the current state of high street businesses and the factors contributing to their decline according to recent research. It includes specific percentages and insights from the CEO of Close Brothers Asset Finance. However, it could benefit from more in-depth analysis or discussion on potential solutions or long-term trends.
Financial Relevance: Yes
Financial Markets Impacted: The research may impact local businesses and their operations, potentially affecting local economies.
Financial Rating Justification: The article discusses the decline of high streets and its impact on British businesses, which can have financial implications for these companies and their employees. It also mentions business rates as a significant factor in the struggles, which can affect their profitability and financial performance.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: There is no mention of an extreme event happening in the last 48 hours. The article discusses the decline of the high street and its impact on businesses, but it does not qualify as an extreme event.

Reported publicly: www.retailsector.co.uk