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Fashion spend in UK town centres to fall 13.8% by 2023

Apr '19
Pic: Global Data
Pic: Global Data
Major UK retailers, including Marks & Spencer, Debenhams and New Look, are closing a significant number of stores over the next three to five years and town centres will be the hardest hit locations, with clothing and footwear spending projected to fall by 13.8 per cent or by £2.4 billion between 2018 and 2023, according to data analytics firm GlobalData.

Online penetration in clothing and footwear is set to reach 34.5 per cent by 2023, more than doubling since 2013 when 15.2 per cent of sales were online, according to Sofie Willmott, Senior retail analyst with the firm.

GlobalData’s survey of 2,000 British respondents conducted in February showed that 40.6 per cent of consumers would choose to shop online if the retailer they usually shop with closed the store they normally purchase from, thereby demonstrating how store closures boost online penetration, according to a company press release.

“Despite this, total town centre spend will decline by 1.9 per cent between 2018 and 2023 with the location accounting for 28.0 per cent of UK retail spend by 2023, down 7.5 percentage points on 2013,” Willmott added. (DS)

Fibre2Fashion News Desk – India

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