decline of high street
- Created by: afrathefish
- Created on: 02-04-19 02:16
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- the decline of the high street
- Who has power to innovate in this situation
- Local authorities - by endorsing projects which will help revitalised the high street
- foreign MNCs [multi-national companies] investing in branches in the UK generating interest
- Entrepeneurs who's innovative ideas may help generate interest
- contributing factors
- Parking issues and lack of communal methods severely limits the accessibility of the place, in turn limiting footfall
- financial strain faced by the entire country due to the eccentric political landscape has created a more money conscious consumer base, with people having less money to spend on frivolities
- Online shopping is seen to be alot more convenient than stores as ranges are alot bigger and things are delivered right to your door stop
- Why and how is it affecting people?
- Creates generational gap between elder and younger generations in terms of shopping methods and will limit elder generations' access to shopping
- multitudes of jobs are lost and thus financial strain would be put on alot of people
- businesses are being affected everyday as many are forced to go bust or are under heavy financial strain
- limited diverse market prevents complete accessibility to all fields to thrive in area.
- Why is this a problem?
- Thousands have lost livelihoods
- There is less diversification in terms of local economy which could affect overall levels of societal developement
- elder generation who may not be used to technological methods of shopping may find it difficult to shop more accessibly
- Online shopping equates to more delivery which has huge environmental concerns
- Town centres will become desolate and communal hubs willl be lost
- Facts
- 1774 stores closed this year
- 50,000 jobs lost in retail
- nearly 20% of the money spent on shopping is done online
- the amount spent online has almost quadrupled in the last 4 years
- 18% of millennials do all their shopping online
- who is affected?
- Consumers - due to lack of places to visit and do if high street disintigrates
- businesses - many people are losing the chance to make their dreams a reality and are driven to closure due to lack of demand of their products
- Local economy - lack of thriving businesses and rapid loss of jobs will severely deplete local economy
- government - if multiple areas have crippled economies it will cause financial strain on many other sectors provided by the government eventually.
- Who has power to innovate in this situation
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