A total of 15,000 high street retail jobs have been lost through 16 high street administrations since the start of the year, restructuring firm FRP Advisory has said.
Glyn Mummery, partner at FRP Advisory, warned that “the high street will be unlikely to ever return to anything approaching the format and density of shops that existed before the financial crisis of 2008”.
The company found that by the end of the third quarter of 2013 the store survival rate among chains that went into administration this year had dropped to 29%, the lowest rating for the past three years.
This year has seen a number of administrations in the fashion sector including Nicole Farhi, dancewear brand and retailer Pineapple, mini-chain Ark and York indie Coggles.
Mummery said that he does not expect any “significant further uptick in high street administrations until late December when any underperformance in pre-Christmas trading traditionally forces store owners to take tough decisions over chronic sales declines”.