A further 27,638 UK shops to close and 164 retail business to fold by 2018 - report

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Powa Technologies – an ecommerce provider, it should be noted – has issued a damning prediction for the future of the British High Street.

It cites data from The Centre of Retail Research which says that by 2018 a further 164 major or medium sized companies in retail” will be forced into administration.

This will result in the loss of 140,000 jobs and the closure of 27,638 stores.

The prediction follows what was a torrid 2012 for UK retail in which 54 retail chains collapsed, resulting in the loss of 48,000 jobs.

The retail industry is very important to the British economy and should be nurtured,” Power CEO Dan Wagner stated. What retailers have to come to terms with is the fact that they will have to change and evolve if they want to keep their heads above water in the future.

They also need to realise that it is time to invest time and money into making the store experience unique by having unparalleled service and a personal touch. People are already put off leaving their homes to go shopping so the experience should be exceptional.”