High Street Challenges Persist as Chains Close and Consumers Shift Preferences
- High street challenges highlighted in a new report by PwC
- Store closures for chains and multiples slowed compared to previous years
- Vacant units in town and city centres not being replaced by other chains
- Shift towards retail parks due to changing consumer preferences
- Impact of Covid-19 on high street decline slowing down
- Large retailers moving to retail parks
- Independent retailers adapting well to pandemic and local communities
A recent report by PwC has revealed the ongoing struggles of high streets, with store closures for chains and multiples slowing down compared to previous years. However, vacant units in town and city centres are not being replaced by other chains as consumers’ preferences shift towards retail parks. The British Independent Retailers Association (Bira) notes that while the rate of decline is slowing after Covid-19, large retailers continue to leave high streets at an alarming rate. Bira’s CEO Andrew Goodacre states that city and town centres need to offer better accessibility and free parking to compete with retail parks. Independent retailers are adapting well to the pandemic by engaging with local communities and establishing their place in the local economy.
Factuality Level: 7
Factuality Justification: The article provides a factual report on the PwC study about high street retail trends and includes quotes from Bira’s CEO Andrew Goodacre. It presents relevant information about store closures, vacant units, and the shift to retail parks. However, it contains some subjective statements about the attitude of large retailers towards city centers and the role of independents in local economies.
Noise Level: 3
Noise Justification: The article provides relevant information about the current state of high street retail and includes insights from a relevant source (PwC report) and an industry expert (Bira’s CEO). However, it lacks in-depth analysis or actionable solutions for the challenges faced by high street retailers.
Financial Relevance: Yes
Financial Markets Impacted: The report impacts retailers and potentially affects commercial real estate market.
Financial Rating Justification: The article discusses a study on high street performance and its impact on retailers, which can affect the financial markets through changes in the retail industry and commercial real estate values.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: No extreme event mentioned in the article
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