Garry Lee, chairman of R3 Southern and Thames Valley, the trade body representing insolvency and restructuring professionals, said: ‘There are strong headwinds facing retail, in Portsmouth and other cities across the UK. The move from bricks to clicks is one major factor – online sales account for ever-rising retail spend and this is clearly hitting footfall because e-shoppers can order when and where they please from their smartphones. Furthermore, consumer confidence has been affected by Brexit and the long-lasting impact of the global financial crisis in 2008/9. Oversupply of floorspace in city centres has also compounded problems, exacerbated by high rents, business rates, market competition and rising wage bills.’ He added that stores would have to innovate to survive. ‘Key to breathing life into empty stores will be collaboration between landlords, the local authority and businesses, with stakeholders being open to creative thinking, such as co-working innovation hubs and “experience” shops, and adapting to changing consumer preferences.’
2. Thomas Cook
The company went bust in September, but the stores were taken over by Hays Travel. Photo: Richard Lemmer
3. Palash, Cowplain
Closed in April but later reopened as a Kassia takeaway restaurant. Photo: Johnston Press
4. Old House Hotel, Wickham
The hotel restaurant was revamped by BBC Masterchef runner-up Greg Emmerson last year but the eatery shut in November. Photo: Savills