A study carried out by the Centre for Retail Research warned that 62,000 shops could fold in the next five years. The group estimates that around 316,000 workers would lose their jobs as a result, and large areas of Britain’s high streets would be turned into housing. Online shopping is expected to surge over the next few years, accounting for 22% of retail spending by 2018 compared to 12.7% currently, the study suggests.
Professor Joshua Bamfield’s report, Retail Futures 2018, predicts the first closures will be pharmacies and health and beauty stores, followed by those selling music, books, cards, stationery and gifts, as well as DIY outlets.
Wales and the North West are predicted to see the highest number of closures, with nearly one in three expected to close. The South East is expected to see a 13% decrease in the number of shops by 2018.
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