People in the UK are losing their jobs at a rapid pace due to the unstable position of the High Streets. In fact, around 7,000 people have lost their jobs due to the shop closures.
In the last 6 months, more than 1,200 major shops in the UK have either shut down or are on the brink of closure. A report was also submitted by the Local Data Company and PwC. It revealed that during the last year, around 4,000 shops were introduced while 5,800 were closed. This has led to a tremendous loss of capital as well as jobs.
The experts have blamed the online competition, price elevation, and sluggish sales as the primary concerns for the present scenario of the market. Among the giants present in the market, Toys R US and Maplin are the most prominent brands. The High Street stalwarts like House of Fraser, Marks & Spencer, Carpetright, New Look, and Carphone Warehouse are also about to follow the suit.
The Original Factory Shop is also about to close none less than its 30 outlets. On the other hand, N Brown, which is the support system of the brands such as Simply Be and Jacamo, is about to withdraw the business from the High Street.
A worker at a shop of Maplin, Zain Venturi, has shifted his career to an IT engineer after the shop closed during the last month. He stated that being on the floor of the shop; he was able to understand the destiny of the business. He blamed the misperception of the management to be the prime reason for the closure. He also explained that the company needed to sing to the tune of the client demand rather than follow the mundane approach of shopping.
The unemployment rate of the country is a little above 4%, which is the lowest in the last 40 years.