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High Street: 175,000 Job Losses Forecast for 2019

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Research from real estate advisory firm, Altus Group, predicts significant job losses and store closures for 2019.

Altus predicts that the high street will lose in excess of 23,000 shops and 175,000 jobs during 2019, following a difficult 2018 which saw the closure of 20,000 stores and the loss of 150,000 jobs.

The research indicates that retail property values could decline by up to 15.9% over the year as consumers increasingly move towards online shopping.

The news comes shortly after the Royal Institution for Chartered Surveyors (RICS) instructed valuers to be “aware of the potential for significant changes in value” in retail properties and to take account of "analysis and commentary".  RICS said “structural change” in retail “might not yet be reflected, or easily identified, in recent market activity”. 

Altus Group's Commercial Real Estate Innovation Report explained that 62% of major UK property owners had said that online businesses were having a “profound effect” on their decision-making.

78% of respondents advised that the demand for ‘experiential’ retailing was having an impact on investment decisions and driving the need to repurpose space.

Altus Group managing director Guillaume Fiastre said: “Retail of the future will use bricks-and-mortar spaces in a very different way, mixed in with leisure and lifestyle residential spaces, for example.

“The most successful retailers – the survivors – are learning to draw in their customers with the promise of a personalised experience. Technology makes that all possible, but it still needs a strong human element.

“The growth of online retailing, which had been seen as a difficult trend for property, is one property owners and investors can now take advantage of to drive revenue.”

"2019 is set to be another tough year for Britain’s high streets as businesses continue to grapple with rising costs, subdued consumer confidence and an increase spend online.”

Source : Insight DIY Team

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21 January 2019

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