More casualties to come on UK's high streets as BHS closes
There will be more retail casualties on UK high streets, experts have warned, as the last of failed chain BHS’s stores prepared to close.
By the time the last remaining BHS stores cease trading on Sunday, around 11,000 people will have lost their jobs.
Retail analyst Richard Hyman warned that the retail market is oversupplied, with too many shops and online stores “chasing too few customers”.
He said: “The coming years will see more casualties and more store closures as the weaker players are gradually forced out of the market.”
Independent analyst Nick Bubb added: “Mid-market high street clothing chains are being squeezed between discounters like Primark and edgier chains like Zara.”
Turnaround specialist Ian Gray, who has served on the board of Robert Dyas, urged companies to invest in staff in order to survive: “Customers need to know that retail staff are experts in a firm’s products.”
The comments come four months after 163-stores chain BHS collapsed with a £571 million pension deficit.
The Brixton-founded business failed 13 months after it was sold for £1 by Sir Philip Green to a firm led by serial bankrupt Dominic Chappell.
