MPs are set to consider ways to revive Britain's high streets as shops prepare for what for some could be a make-or-break Christmas, with experts due to give evidence on Tuesday.
Retailers are pinning their hopes on shoppers spending in the run-up to Christmas. With just under seven weeks until the big day, retailers are expecting a steady pick-up in trade from now on. Positive signs on the state of the economy and the jobs market could give people the confidence to spend more this year. However, it comes against a backdrop of rising bills, with a forecast surge in energy prices in January threatening to force some households to hold back.
Consumer spending intentions
A recent poll by Lloyds bank found around one in 10 people expect to spend less than £100 on Christmas this year. At the other end of the scale, its survey also revealed how 7% say they plan to splash out more than £1,000. The most typical festive budget is £250 to £499 (23%).
It is against this backdrop that MPs on the Housing, Communities and Local Government Committee are due to hear from experts on Tuesday. Among those set to give evidence is Helen Dickinson, chair of trade body the British Retail Consortium, Sacha Lord, chair of the Night Time Industries Association, and independent tax expert Dan Neidle.
High street regeneration inquiry
It forms part of the committee's inquiry looking at the action needed to revitalise the nation's high streets. MPs are looking at the proliferation of "unwanted" retail businesses, including vape shops and "fake" barbers, and the impact they have on high streets and community pride. "We will be looking at different approaches to high street regeneration," the committee has said.
Figures from the Centre for Retail Research suggest a wave of store closures this year had led to over 22,800 job losses in the first nine months. High street fashion chain Quiz entered administration in February, a month after the closure of more than 30 Russell & Bromley shoe shops.
Retail pressures and public preferences
Meanwhile, there are fears for the future of discount chain Poundland, with 600 stores and more than 10,000 workers. The retailer last week extended the time before it could plunge into administration as it tries to find a buyer. Its US owner, investment firm Gordon Brothers, was slammed by another committee of MPs amid claims that it has starved the chain of funds, something it has denied.
It comes as a survey listed cafés, post offices, banks, bakeries, pubs and libraries are all part of the public's ideal high street. At the other end of the scale, just 11% want betting shops and 7% vape shops. Isobel Hunter, chief executive of Libraries Connected, which commissioned the poll, said: "What really stands out is the mix people want."
