Post-pandemic shoppers have shifted, creating financial strain on Britain's high streets. According to Simply Business, 63% of small business owners predict high street obsolescence within a decade. A survey reveals 37% of owners plan to close or sell by 2025, largely due to rising costs and decreased customer spending. Proposed solutions include lowering overheads and promoting local shopping. A majority advocate for more independent businesses and reduced business rates to enhance high street viability, highlighting a need for governmental support.
Rising costs have put immense pressure on small high street businesses, pushing many to consider closure or selling due to financial viability concerns in the next few years.
Small business owners feel the necessity for the high street to evolve, with 61% expressing a preference for more independent shops over chains, seeking to attract locals.
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