The British economy entered free fall following the onslaught of the recession in 2008 with various industries undergoing major shake-ups in the way they operate.
Retail was one of the hardest hit sectors, with consumer spending plummeting as jobs became increasingly precarious and pay rises less and less likely. But then figures from the Office for National Statistics predicted that the UK economy had returned to growth in the third quarter of the year, with an increase of 0.7 per cent estimated, and hopes for a turnaround were rekindled.
Unfortunately, these have been short lived, at least for those operating in retail. The latest data from the British Retail Consortium (BRC) found that the town centre vacancy rate for retail space is 11.3 per cent. This is the worst rate recorded since the survey began in July 2011.
Preparations by major retailer Comet to close down a number of its stores following its administration are likely to make matters even worse.
Stephen Robertson, the director general of the BRC, commented: “Many retailers are battling stagnating sales and rising costs, and next year's threatened business rates increase can only make matters worse.
“If the government wants to breathe life back into our town centres and ensure the retail industry can play its full role in job creation it needs to freeze rates in 2013.”
In addition to the latest problems with Comet, a number of other British retailers have entered administration of cut back on their store numbers recently, including JJB Sports, Blacks Leisure, Clintons Cards and Game, leaving more and more retail stores empty.
But as ever, there is another side to the story. As dozens of shops prove their business plans are unsustainable in the new economic climate, others are given the opportunity to step up and buy cheap retail premises to kick-start their new business. There is also the chance that companies in a stronger position will be able to turn around companies that have been forced into administration because they had the wrong ownership.
Not every store will be saved and it is already clear that the change in the economy has resulted in a seemingly permanent change in the face of British retail. But anyone looking to buy a retail business will keep an open mind on the situation and explore niche areas of the market in which they can still turn a profit. 
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