London’s iconic Oxford Street is rethinking retail as it deals with Covid-fueled closures
LONDON — Main street is experiencing significant change as retailers close stores, customers move online and leisure activities take up more time in our day-to-day, analysts have told CNBC.
The coronavirus pandemic and the resulting social restrictions have severely challenged retailers, with many unable to keep their doors open.
The U.K. saw 20,000 store closures during 2020, a significantly higher number compared to the levels seen in 2019 and 2018, the Royal Institution of Chartered Surveyors said in a report last month.
Two big U.K. retail names, Debenhams and Topshop, entered administration last year and were recently bought by two online-only retailers. Both deals exclude physical stores and it’s just their brands that are being snapped up.
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