Whatever you think of different shopping brands, one thing is certain: British high streets are shrinking as more and more close down.
It’s been a while since Woolworths and Debenhams shut for good, but Poundland is about to close hundreds of stores and Hobbycraft will also shut a number of branches in the latest blow for shoppers.
Despite the gloomy outlook, some brands are turning the tides and reopening branches.
Music store HMV reopened its iconic Oxford Street store in 2023, four years after it closed, and earlier this year Topshop suggested it could be making a return to the high street.
And new figures have revealed the top 10 brands shoppers want to see make a comeback.
Experts analysed search data and found Debenhams is an extremely popular choice, with the brand receiving nearly 500,000 searches every month.
Customers also want to see Dorothy Perkins, Toys R Us and Mothercare reopen their physical shops.
Boohoo bought Debenhams back in 2021, but not its high street shops, which meant they eventually closed.
Since then Boohoo has changed its name to Debenhams, reviving the brand, and its chief executive says it will become ‘Britain’s online department store’.
Richard Hunt, director of Liquidation Centre which helps businesses closing down, said: ‘The combination of failing to adapt to shifting consumer habits towards online shopping alongside the financial impact of Brexit and the pandemic contributed towards Debenhams’ financial strain.
‘However, their issues began years prior to these events, with the company carrying unsustainable debts due to poor financial decisions.
‘Their online-only comeback will be exciting for many fans, but it also serves as a stark reminder of their failure to compete effectively on the high street amid a changing market.’
Dorothy Perkins was also acquired by Boohoo after its previous owner, Arcadia Group, fell into administration in 2020.
The brand collapsed after failing to compete with online retailers, with high overheads leading to crippling financial issues.
Toys R Us, which receives about 61,000 searches every month, went into administration in 2018 after racking up a £15million tax bill.
Poor sales and struggling to keep up with technology meant the brand wasn’t able to pay off its debts.
Mr Hunt said the current economic climate poses an increasing risk, especially to retail businesses, with even well-loved household names falling by the wayside in recent years.
He explained: ‘It is much easier to lose consumers than to retain them, which is why regular market research and competitor analysis are so essential.
‘Staying ahead of the curve as conditions evolve is critical to long-term survival.
‘As we’ve seen, poor financial management and decisions have contributed to the downfall of several once-iconic household brands, proving how crucial it is to have effective financial strategies and management in place.
‘If a business reaches the point where liquidation becomes a risk, swift action is vital.
‘Seeking advice from a licensed insolvency practitioner (IP) can help clarify your options and potentially avoid insolvency altogether.’
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