Artificial Intelligence (AI) is revolutionizing the way we look at the future of chain stores on the UK high street. According to a recent study from VoucherCodes and Savoo, experts in online data analysis and fundraising, AI has predicted a potential decrease of over 11,000 chain stores in the UK by 2030.
By analyzing data from the past five years on chain store openings and closures across the UK, the study paints a concerning picture of the future. Greater London is expected to bear the brunt of this trend, with a projected 2,399 chain store closures by 2030, marking a significant increase from 2022. Overall, the UK is forecasted to see 13,228 chain store closures by 2030, while only 898 new chain stores are expected to open. This prediction highlights a substantial decline in the number of chain stores on UK high streets, indicating approximately 11,371 closures.
When examining high street performance across various cities, Plymouth emerges as a standout performer with an impressive overall index recovery score of 165. Following closely behind is Blackpool, which boasts the highest spend score of 195 among the cities analyzed. Other top-performing cities with resilient high streets in 2023 include Southend-on-Sea, Sunderland, and Swansea.
These AI-driven insights offer crucial information about the evolving landscape of chain stores on UK high streets. As the retail industry undergoes continuous changes, it is essential for businesses and policymakers to adapt to these shifting trends to ensure the longevity and vibrancy of high streets throughout the country.
To learn more about the impact of AI on the retail industry, check out this informative article from Retail Gazette. For insights on the future of high streets in the UK, visit the official website of The Guardian UK.
