Whatever the consequences of Brexit (as explored in my last blog), in the retail world one of the things 2016 will be remembered for is the number of retailers who we lost from our high street.
BHS is the subject of huge debate around its financial management currently, but regardless of that both BHS and Austin Reed are long established retail names and their departure has a huge impact personally for the teams involved, but also for the face of the high streets they were present on, their suppliers and the sectors they traded in.
BHS and Austin Reed are both well-established names and it could be suggested that their demise came about because they became less relevant in the retail market of 2016.
However, My Local, a relatively new entrant to the food market who aimed to take advantage of the ‘little and often trend’ emerging in food shopping (in what is known as the C sector) lost its battle in 2016 too. Like all retail sectors it is very competitive and despite being a national chain, it was no match for the local Sainsbury's, Tescos and others. So even retailers that aim to stay relevant with market changes find it tough.
Depending where you sit in that chain these losses from our High Streets may present you with lost income - or potential sales from their past consumers…