COVID-19 has left a lot of consumers with no other option than to shop online, causing an existential crisis for high street stores.
The financial effects of the ongoing pandemic has had a negative impact on many companies, leaving over 8000 retail stores in the UK empty. Around 20% of the stores on Oxford Street alone, amongst them massive department store Debenhams, have permanently shut. As of August 2021, almost a third of total retail sales are from online purchases.
Businesses on Wood Green High Street lack sufficient funding for repairs and cleaning.
Empty store spaces have been replaced by tourist shops, selling mainly American candy, CBD products and counterfeit items.
House of Fraser has now joined the long list of Department stores on Oxford Street that are closing down.
Shops in Oxford Street now resemble those of run-down Wood Green. Which ones do you think were taken in Oxford Street? Vote on our Twitter below.
Although High Streets have taken a massive hit, things are looking up for Oxford Street as IKEA owners have recently purchased the retail space formerly owned by TOPSHOP.
This new IKEA store has potential to bring more people to start shopping in stores again as they are planning to open a more accessible store that spans across 6 floors.
Word: Gizdem Albayrak; Subbed: Rinah Mungombe
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