Today’s ONS Retail Figures for March paint a bleak picture for the High Street as online captures 17.4% of the retail market. Only booming internet sales saved the day for department stores, says ParcelCompare.
Today’s Office of National Statistics Retail Figures for March reveal a gloomy picture for the High Street with sales continuing to fall. Only department stores’ growth in online sales shielded them from even worse results, and point the way forwards for retailers such as Debenhams, says the e-commerce delivery experts ParcelCompare.
Says ParcelCompare’s Head of Consumer Research, David Jinks MILT: ‘Debenhams today announced a huge 84% drop in profits in the last six months; thanks to a lack-lustre Christmas and declining High Street footfall. Those Debenhams’ figures are even more revealing in the light of the latest ONS retail stats’.
David adds: ‘All department store’s physical shop's growth rate fell back significantly this year; but their online sales grew at a huge 33%. Debenhams must take note of these figures and continue to develop their online offering substantially.’
Concludes David: ‘Today’s ONS figures confirm the ongoing collapse in High Street store shopping, as a record 17.4% of all retail is now online – a figure growing every month. ParcelCompare’s research reveals as many as half of Britain’s High Street stores could close by 2030 if this trend continues. Retailers must develop a stronger multiplatform – store and internet sales – approach, to mitigate the impact of falling High Street shoppers.’