Retail needs help through pandemic
One of the most alarming economic impacts of COVID-19 has been the loss of many retail businesses in our high streets, and this is very evident in Perth.
As we move through the mass vaccination programme, we must spare a thought for those who have lost their jobs as a result of various stores closing in the city. These include Argos, Beales, Carphone Warehouse, Phase Eight, GAP and the Disney store, and recently it was announced that Debenhams’staff would not be retained despite the group being taken over by retail chain Boohoo.
All these closures happened during the pandemic but that is not the sole reason for their demise.
There have been notable changes to customer tastes and a growth in shopping away from city centres in retail parks, but the pandemic has undoubtedly exacerbated the situation.
Many residents feel it is a lot easier and convenient during COVID to buy goods online and have them posted to their door, sometimes arriving as soon as the next day.
The majority of retail shops are, of course, closed just now due to the impact of the lockdown, but even when restrictions are lifted there will be a large percentage of the population who will be wary of travelling into our town and city centres.
It is a sad sight for anyone venturing for a walk in our high streets these days to see the number of boarded up buildings and‘to let’signs.
Susannah Streeter, a senior investment analyst at Hargreaves Lansdown, the UK’s largest retail investment company, highlighted the perilous situation facing many of our high streets when she warned that“the retail house of cards on the high street is in danger of collapse”.
The economic challenge facing the nation when we eventually return to some form of normality can’t be overstated.
It will be enormous, and none more so than that faced by shops and stores in our high streets.
Whilst our retail sector is constantly evolving it needs hope that some new businesses will take the place of the ones that have sadly had to close.
To that end, business rates relief should be extended throughout this year for hospitality, leisure and retail businesses in Perth and Kinross and beyond – a move called for by the Scottish Conservatives.
I think we all know we are some way away from the end of this pandemic, which is why we must work doubly hard to provide all the support we can to help businesses as they try to meet the many challenges they will undoubtedly face when we come out of lockdown.