In 2107, a record number of stores closed in the UK. The situation is going to continue this year as well. More than 3.600 closures are expected in 2018, according to an analysis by Business Insider.
Online outlets continue to enjoy unprecedented growth. It’s been another tough Christmas time for the High Street. Walgreens, Toys R Us, and Gap are some of the many retailers that are planning to close hundreds of stores in 2018.
In 2017, Toys R Us announced it was preparing to close a quarter of its UK stores, which would result in the loss of hundreds of jobs.
Gymboree, the children’s clothing retailer, announced in July that it was going to shut 350 stores. As of November, the retailer had closed 248 stores. The Children’s Place is going to shut 144 stores by the year 2020.
New Look, a clothing retailer, goes on struggling against hard economic conditions on the High Street. New Look has recently had an 8% drop in like-for-like sales. The retailer thinks it’ll close stores.
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UK shoppers are increasingly cutting their trips to brick-and-mortar stores. Instead, they’re looking for deals on the Internet. The amount of money people spend online has increased year over year: shoppers need good value for money, according to Royal Mail’s Delivery Matters. What do statistics show?
With eCommerce growing and expanding incredibly fast, many brick-and-mortar stores are forced to shut. Turn to a reputable payment company to get the best payment processing services so to grow your business successfully.
Author Bio: Electronic payments expert Taylor Cole is a passionate entrepreneur who enjoys to write, produce music, and travel. Bestpaymentproviders is the UK’s best Internet merchant account UK company, serving both traditional and high-risk merchants.