Retail giants put faith in bricks and mortar

GIVEN all the challenges it has faced in recent years you would be forgiven for assuming that the High Street is in terminal decline.

- Joanna Hodgson

The long-term shift to online shopping, the trauma of the lockdown years, the inexorable rise in rents and energy bills make it seem that the days of bricks and mortar shopping are numbered.

And yet... perhaps it is too soon to bury what is sometimes described as Britain’s favourite pastime.

New figures compiled by the Evening Standard show that major retailers quoted in the FTSE 100 or the FTSE 250 actually opened far more stores than they shut last year. The companies that provided data collectively added just over 300 more UK branches to their estates in 2022 and exited just 79.

Bosses of these firms, which represent various sectors such as fashion (ABF’s Primark), luxury goods (Watches of Switzerland), pasties (Greggs) and more, also say they expect to invest in further sites this year.

The moves come as shopping-centre owners are seeing visitor numbers bounce back from pandemic lows. At Angel Central in Islington, footfall is up 13.5% and sales by 35.4% year-to-date over 2022. Meanwhile Westfield’s White City and Stratford sites experienced annual footfall growth of almost 10% and 5% respectively in March.