Hello LinkedIn community,
Happy Friday!
It's been quite a week for me, filled with interviews, doctor's appointments, and preparations for my upcoming talk at South Bank University and attendance at the World Retail Congress next week.
As the week comes to a close, I wanted to share my thoughts on the recent news about Ted Baker. It's truly disheartening to see another British icon of the high street facing administration. Beyond the loss of nearly 300 jobs and the ripple effect on the industry, it's another blow to the UK high street, which is already in decline.
Walking down Oxford Street yesterday, a street I've traversed countless times throughout my retail career, I couldn't help but notice how much it has changed.
Where once stood TOP SHOP in prime position, is an IKEA in waiting. Reflecting on the past, I mentally noted the numerous High street stores that have closed - only available online or gone into administration during my 20-year career:
BHS
Topshop
Dorothy Perkins
Burton
Laura Ashley
La Senza
Jeffery Rogers / Rogers and Rogers
Evans
Cath Kidston
Warehouse
Oasis
Debenhams
TM Lewin
Monsoon
Jaeger
Peacocks
Coast
Karen Millen
In their place now stand impersonal brands which seem like Tax loop holes and sweet shops, lacking the British spirit and quirkiness of the high street of yesteryears.
These closures, akin to The Body Shop, serve as indicators of a broader problem.
The decline of the UK high street is influenced by various factors, including shifts in consumer tastes, economic challenges, technological advancements, and fierce competition. To address these challenges, collaboration between government, retailers, landlords, and stakeholders is crucial to support revitalization efforts and drive innovation in the retail sector.
Unfortunately, the decline appears to be accelerating, and many other brands may face a similar fate if they fail to adapt. It's concerning that some senior management teams have become complacent in their roles which some have held for over 20 years and are unable to foresee the imminent threats facing their businesses.
Back in 2011, Mary Portas launched the "Save the High Street" campaign, highlighting the issues affecting traditional retail areas in the UK. Under the now foreign secretary David Cameron's prime ministership, reform was promised. If I am honest, it took me a while to understand what Mary was going on about as the business I worked in then was thriving… If it aint broke, why fix it?
In hindsight, it is very clear now what she foresaw, however, it remains
unclear what actions were taken by the government in response to the campaign's findings and recommendations.
As we bid farewell to yet another iconic British brand like Ted Baker, it's a stark reminder of the challenges facing our high streets.
In the words of the legendary BONNIE TYLER " It needs a HERO"!
Have a great weekend everyone.
Ari x
Congratulations on the grand opening in Bray! It's wonderful to see the continued growth and success, especially as you celebrate your 55th anniversary.