Historic England Reviews High Street Buildings’ Future Amid Retail Crisis
- Department stores could be given protected status by Historic England
- 52% of all department stores closed in the UK in the past seven years
- 2 million sqm of vacant retail space created due to closures
- Historic England researching history and development of department stores
- SAVE Britain’s Heritage campaigns for retrofit as default option instead of demolition
Department stores across the UK could be given protected status following a new review of high streets by Historic England. This comes as many department store units have been left empty due to chain collapses like BHS and Debenhams, with closures exacerbated by the pandemic and rise of online shopping. In the past seven years, 52% of all department stores have closed in the UK, creating 2 million sqm of vacant retail space. Historic England is researching the history and development of these buildings to provide a national overview of their key architectural and historic phases in response to store closures and increasing requests for listing. SAVE Britain’s Heritage has campaigned that demolition should be seen as a last resort, with support from property developers and a Conservative MP. They argue retrofit must become the industry’s default option amid the growing climate crisis. C20 launched the C20 Department Stores campaign to tackle this nationwide issue.
Factuality Level: 8
Factuality Justification: The article provides accurate and objective information about the potential protected status for department stores in the UK, the impact of closures on retail space, and the efforts by campaign groups such as C20 and SAVE Britain’s Heritage to preserve these buildings. It also mentions the upcoming review by Historic England and a public inquiry into M&S’s plans to demolish its Oxford Street building. However, it lacks some specific details on the potential impact of protected status on department stores and the exact proposals for retrofitting.
Noise Level: 3
Noise Justification: The article provides relevant information about the potential protected status for department stores in the UK and the efforts of campaign groups like C20 and SAVE Britain’s Heritage to prevent demolition. It also mentions the impact of online shopping and the pandemic on these stores. However, it could provide more analysis or context on the broader implications of this issue.
Financial Relevance: Yes
Financial Markets Impacted: The article discusses the impact on property developers and retail companies such as M&S due to the closure of department stores.
Financial Rating Justification: The article mentions the closure of department stores and their potential listing for protection, which could affect the real estate market and the operations of retail companies like Marks & Spencer (M&S). This has financial implications for these businesses and property developers.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: There is no extreme event mentioned in the article. The focus is on the decline of department stores and efforts to preserve historic buildings.
www.retailsector.co.uk