Is 2025 the end for the high street?

KentOnline / KMTV

New data show that in 2024 more than 13,000 stores across the UK were forced to shut their doors, according to the Centre for Retail Research.

Transcript

00:00New figures released by the Centre for Retail Research say that in the last 12 months,

00:05more than 13,000 businesses closed their doors in Kent and across the UK.

00:10Independent businesses alone have suffered drastically,

00:13with a total of 11,341 having to shut their doors.

00:18This is almost a 50% increase from 2023.

00:22In 2025, these numbers are expected to rise to 14,660.

00:27There is a number of factors at play here.

00:30We have a tough economy, we know that.

00:32You know, the fuel prices, the war in Ukraine,

00:35the shipping costs and stuff is putting prices up.

00:38So that is then obviously having an impact on inflation,

00:40which means consumers are not going out and spending their money.

00:44However, we've also then seen a growth in online shopping.

00:48It continues to grow.

00:49I think we've seen another 8.5% increase in online shopping

00:52compared to last year, in 2024.

00:55And so online shopping now holds about 26, 27% of the retail market.

01:02With so many stores closing,

01:03does it mean that our high streets will die in the future?

01:06I went to Sittingbourne to find out how these changes have affected our high streets in Kent.

01:11I can't get my crutches, they're at home.

01:13I lost my key.

01:15When you buy the crutches, they want 40 pounds.

01:19On eBay, they're 10 pounds.

01:21So, you know, our streets don't stand a chance.

01:26After speaking to business owners off camera,

01:29many have said that 2024 was a tough year.

01:32Tops jewellers have been in business here for almost 50 years

01:36and explained why this might be

01:38and why some businesses are coping better than others.

01:41New start-up businesses, I think, are going to find it very, very tough.

01:46If you go into a business having to borrow money,

01:50you will find it very difficult to make money.

01:53If you're an existing business that's starting up maybe a new premises

01:57that your current business can cover, then yeah, it should be fine.

02:02I mean, it doesn't help when national insurance is going up.

02:06As you said, the electricity is going up, rates are going up.

02:10But if you budget and look after yourself,

02:14you'll get through.

02:15And then when the good times roll, happy days.

02:18From the increases to national insurance, minimum wage,

02:22less support for business rates and people choosing to shop online,

02:25the future of independent businesses in 2025 seems to be in question.

02:31Kristen Hawthorne, KMTV in Sittingbourne.

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