An alarming report by Simply Business predicts that a staggering 132,945 small businesses on UK high streets could disappear within the next 15 years. The study highlights the potential extinction of local pubs and bars in just over a decade, painting a grim picture for independent businesses across the country.
According to the analysis, electrical appliance shops are at the highest risk of extinction, with online retailers offering significant discounts that traditional brick-and-mortar stores struggle to compete with. Shoe shops, homeware stores, newsagents, and other businesses are also facing rapid declines and could vanish by 2039.
The impact of these closures on communities is expected to be devastating, with independent businesses serving as the fabric of local neighbourhoods. To draw attention to the plight of UK pubs, Simply Business has collaborated with The Pelton Arms in Greenwich to transform it into ‘The Extinction Arms’ for their ‘Bleak Friday’ campaign. This initiative aims to raise awareness about the challenges faced by small businesses and encourage support from shoppers during the peak retail season.
Geoff Keen, the landlord of The Pelton Arms, expressed the struggles that small business owners face in trying to keep their establishments afloat amidst increasing costs and reduced support. The Chancellor’s Autumn Budget announcement, including cuts to business rates relief and new employment costs, adds further pressure on businesses like The Pelton Arms.
In response to the growing crisis, Simply Business is calling for action to save independent businesses on the high street. The ‘Bleak Friday’ campaign urges shoppers to support local establishments and engage in discussions about potential solutions to sustain these businesses. Small businesses, including greengrocers, pie shops, and pubs, have joined the campaign to raise awareness about their own extinction dates if current trends continue.
With business rates relief set to decrease in the coming years, Simply Business is offering financial support to one small business with a high street presence to help alleviate the impact of increased costs. The initiative aims to provide immediate assistance while gathering insights to develop a long-term strategy to revitalise the high street.
Bea Montoya, UK Chief Operating Officer at Simply Business, emphasised the importance of preserving independent businesses for the economy and communities. Owners have highlighted the need for government intervention, such as investing in infrastructure, scrapping business rates, and providing financial incentives to support small businesses. The campaign aims to raise awareness and mobilise efforts to safeguard the future of high streets across the UK.
