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Dec 21, 2018
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UK retail has double the shops it needs says analyst

Published
Dec 21, 2018

Sir John Timpson, chairman of key-cutting retailer Timpson, has said UK high streets have probably “twice as many shops as needed” as he unveiled the results of a report looking into the challenges facing the UK high street.



Timpson worked together with other retail industry experts in a government-appointed panel to find solutions, recommending a community-focused approach that combines retail, leisure, social services and residential properties.

"It's about communities and creating a hub for entertainment, medical facilities, housing. We probably have about twice as many shops as we need. But we are short of housing,” Timpson told BBC Breakfast on Thursday.

The report recommended the creation of a town centre task force to support local leaders, and a Future High Streets Fund to help local authorities with both finance and resources. The latter has been already enacted, with Philip Hammond announcing a £675m fund in October.

Additionally, the panel suggested a ‘National High Street Perfect Day’ to encourage local communities to take ownership and inspire action.

“I have learnt, from my own business, that the best way to get things done is to give people on the front line the freedom to get on with the job in the way they know best,” Sir John Timpson said in a statement on Thursday.

“We are applying the same Upside Down Government principle to the development of our town centres, with our Town Centre Task Force there to mentor, encourage and clear any obstacles out of the way while giving the clear message to inspirational local leaders that they are free to turn their plans into reality.”

UK high streets have been struggling to remain relevant amid intense competition from online retailers, and an Asos profit warning issued this week raised concerns of an even wider crisis. Economic and political uncertainty is also hurting national chains, with Primark, John Lewis and Tesco recently reporting subdued results.

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