High Street closures gather pace

Fashion store Steel and Jelly, which closed in Birmingham's Grand Central in December 2016

The pressure on West Midlands’ high streets has been highlighted by new data showing there were six closures for every five openings in 2016.

Wolverhampton and Nuneaton were among the hardest hit with 7% of the retail stock becoming vacant.

However several places, led by Bromsgrove, Stafford and Stoke-on-Trent, did see a net improvement during the 12 months.

Across the region, 392 outlets closed compared to 332 openings. The net reduction of 60 shops followed a net loss of 19 shops in 2015.

There have been a spate of retail administrations in the opening months of 2017, including Jaeger, Jones Bootmaker and Agent Provocateur, which have shown that the challenges facing retailers are increasing.

The research, by the Local Data Company for PwC, identified increases for jewellers and coffee shops in the West Midlands while women’s clothes shops and department stores were amongst the hardest hit as the move to online, especially for fashion retailers, continues.

Andy Lyon, head of retail at PwC in the Midlands, said: “As the West Midlands becomes a go-to destination we are seeing an appetite for coffee shops and tourist information, filling the void left by clothing shops, department stores and banks.

“Fashion is migrating to online at a faster rate than ever, leading to closures on the high street. 2017 will be a crucial year for retailers; a combination of price inflation on goods and groceries will mean that brand loyalty will play a more significant role than ever.”

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