Is The North West High Street Bouncing Back?
The GMBusiness Week have recently printed details of a survey conducted by PwC and the Local Data Company. High Street news for the North West is still mixed, but the trends are good.
Key numbers are;
- For the half year to June 15 although a total of 221 shops closed on the high streets of the North West, this was the lowest closure rate in 4 years.
- It represents a 26% decrease in shop closures compared to the same period last year, so not great, but all moving in the right direction.
- Compare this to the height of the recession in 2012 when nationally, we were averaging 20 business closures per day.
The little gems are;
- We are spending our leisure time on the High Street.
- Barbers, coffee shops, bars and restaurants were amongst the sectors growing at the fastest rate during the period.
So, as people begin to feel more secure in the economy and their jobs, they are beginning to spend more on those little luxuries we saw before the recession. And that spend is showing on the local high streets of the North West.
As for business owners;
- The flexibility of landlords has also improved.
- Lease terms are more appealing for new businesses wanting to establish a high street presence for the first time.
Overall, the gap between the number of shops opening and the number of shops closing on the high street is much closer than we has been seen over recent years and supports the fact that the economic recovery we are feeling elsewhere, is now also showing itself on the high streets of the North West.
Long may the positive news continue.