In one of our more recent blog posts, we discussed the question of whether high street retail investments are still worthwhile. It is a legitimate question given the sluggish economy, poor retail sales, and high interest rates that are preventing investors from putting their money where they want to. But we do want to set the record straight: the high street isn’t dying. It is just being reimagined.

As evidence, consider a recent Edinburgh Evening News post discussing 5 forgotten shops Brits miss most on UK high streets. The post talks about well-known brands like Woolworth’s and Toys “R” Us. Each one enjoyed fantastic success in their respective heydays. All fell victim to something inherent to retail: the cyclical nature of consumer demand.

People Still Need to Buy

Here at Sell My Commercial Property, we are still very keen on investing in high street retail. Yes, things are difficult right now. Retailers cannot afford to pay the rent. Some are cutting their hours because there isn’t enough foot traffic to support staying open. And some of the biggest high street names have announced significant reductions in both operating hours and staff.

So why do we remain enthusiastic about high street investments? Because people still need to buy things. The UK left behind the agrarian economy a long time ago. Most of us don’t build our own furniture and sew our own clothes. We do not produce our own food out in the garden.

Retail exists because people need access to the products that they cannot make themselves. But as time marches on, the things people need to buy from retailers change. That’s part of the cyclical nature of the retail beast.

Blockbuster Video Went Bust

One of the retail outfits mentioned in the Edinburgh Evening News was Blockbuster Video. It went bust in 2013. Why? Because the world moved on from video tapes. We moved on to DVDs, Blueray, and streaming. We still want films and TV shows. We just have a new medium for consuming them.

What is happening in high street retail right now is an evolution. Economic difficulties have a way of forcing us to evaluate the old ways of doing things and look for new ways to do them better. We are seeing that very thing in retail right now.

A poor economy means people don’t have the disposable income they had just a few years ago. But even before the start of the pandemic, foot traffic on UK high streets was in decline. People had money yet they weren’t spending on the high street. They were telling the high street that their needs and tastes were changing. The high street began to adapt, but not quickly enough to accommodate the COVID pandemic and all its implications.

High Street Is Still Adapting

What we are seeing today is the continued adaptation of the high street, but in an economy that is worse off thanks to pandemic fallout. But rest assured that the adaptation will be complete in due time. The high street will be reimagined to meet the needs of the modern consumer. It is normal; it is cyclical; it is expected.

You might be unable to ride out this reimagining. If that’s the case, we get it. But know that we are interested in taking a look at your commercial property. We are still keen to buy because we know what waits once the economy comes back. And it will come back eventually. In the meantime, we might be able to help you get out from the financial burden of your commercial property by taking it off your hands. Can we talk?