decline of high street

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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.

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