50:50.
According to startups.co.uk the following retail businesses have either disappeared, been liquidated or gone in/out of administration since Covid:
Ted Baker
The Body Shop
Wilko
Debenhams
Arcadia Group
Victoria’s Secret
Oak Furnitureland
Monsoon / Accessorize
Oasis
Beales
Aldo
Oliver Sweeney
Le Pain Quotidien
Laura Ashley
Peacocks/Jaeger
Quiz
Made.com
Cath Kidston
Planet Organic
Eve Sleep
Joules
TheVeganKind (TVK)
AMT
Sofa Workshop
T M Lewin
Trinity Group
Bon Accord
Internet Fusion Group
David’s Bridal
Book Depository
Kettle Interiors
Maker&Son Ops
ProBikeKit (PBK)
Farmison & Co
Shuropody
Stanton Bikes
Elite Sports Group
Click It Local
Jupiter Group
Dawnfresh Seafoods and R R Spink & Sons
Tree of Life
Carzam
Studio Retail Group
Connect Distribution Services
J C Rook and Sons
Steptronic Footwear
Big Home Shop and Physioroom
And they, along with thousands of other companies across all sectors, have one thing in common.
They never expected it to end this way.
According to Experian:
“Around 4% of new businesses have ceased trading by the end of the first year of operations….the failure rate rises significantly to more than a third (34%) by the end of the second and to half (50%) within just three years of opening.” If you’ve been trading for five or more years, then may I suggest you deserve a “really well done” for being in the top half. However, as 65% of all businesses fail within 10 years of start up, and only 15% make it past 15 years, it might be too early to celebrate too hard.
The odds are stacked against a business succeeding, many fail because they don’t adapt to changing markets, trends, and consumer expectations. Which is why we’re putting on four events during June in Glasgow, Manchester, Bristol and Cambridge, which are free for estate agency business leaders to attend, where we will be showcasing how the very best firms in this sector are managing not only to avoid failure, but are flourishing with record profitable growth. There are a few tickets remaining – but only a few so book now.
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