The Impending Collapse Of Fashion Retailer Joules Is A Sign Of Dark Times Ahead For The High Street With A Wave Of Other Closures Set To Follow In Its Wake - Retail Experts Warned Today

The impending collapse of fashion retailer Joules is a sign of dark times ahead for the High Street, with a wave of other closures set to follow in its wake - retail experts warned today. 
The posh wellies brand has counted , and among its famous fans, but was today preparing to appoint administrators with 1,600 jobs and 132 stores under threat.     
Lisa Byfield-Green, Retail Week's data and insights director, said she expected more High Street brands to go under due to the tough economic conditions. 
'Investors are nervous right now in the difficult economic environment.

Companies are also receiving no relief from rising business rates, which puts many high street businesses in danger,' she said. 
'We expect to see the continuation of these difficulties into 2023. As the strain continues to mount, smaller and 라카지노 사이트 struggling retailers will be snapped up by larger brands (e.g.
Next acquiring Made) or fall into administration. The market will diverge between success stories and those that cannot sustain the weight of the mounting cost of doing business.
'Retailers will need to take decisive action to lean into their existing proposition and strip back operational overheads or diversify beyond retail to generate new revenue streams.

Sadly, we anticipate that more retailers are likely to fall victim to the intense economic pressures.' 
A huge number of major High Street brands have gone bust in recent decades, especially in the immediate aftermath of the 2008 financial crisis and the Covid lockdowns of 2020. Another painful period came in 2018, when Poundworld, Toys R Us and Maplin all disappeared.  
Data shows the number of company insolvencies in England and Wales has hit its highest level in the April-June period in nearly 13 years as surging energy prices took their toll on business. 

A woman walks past shuttered shops in Chatham, Kent, one of many high streets to have suffered a decline in recent years
Data shows the number of company insolvencies in England and Wales hit its highest level in the April-June period in nearly 13 years as surging energy prices took their toll on business.
The UK economy shrank by 0.2 per cent in the second quarter of the year, according to the ONS
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<div class="art-ins mol-factbox news halfRHS" data-version="2" id="mol-182b2b40-6435-11ed-b299-1122836177dc" website High Street faces ANOTHER bloodbath