Body Shop, Wilko victims of 'retail apocalypse'
manchestereveningnews.co.ukRetailers across the country are struggling to cope with a number of difficult trading conditions, which has caused more than 2000 retailers to declare insolvency in the past year, according to a study of UK businesses that have given up the ghost and gone bust.
Problems with the rising cost of goods, energy, and maintaining a presence on the country's high streets have led to big names in British retail, including the Body Shop, Ted Baker and Wilko, going bust and calling in administrators - leaving hundreds of empty retail units in town and city centres across the UK.
According to the study by international auditing firm Mazars, these cost pressures combined with the cost of living eating into people's disposable incomes, have led to a year-on-year rise of almost one fifth in the number of firms declaring insolvency.
With a continued decline in footfall and the loss of 400 Wilkos, 75 Body Shop stores, and 86 Ted Baker outlets in the past year, City AM has described the current state of the high street as a "retail apocalypse." READ MORE: Ted Baker sale sees 'hidden feature' designer cabin case slashed from £200 to £99 In total in 2023, 2,195 retail businesses became insolvent.
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