The void on the UK’s high streets left by the collapse of Woolworths has been predominantly filled by pound stores and discount retailers, in a stark indication of how the credit crisis has reshaped the retail industry.
Almost 40% of all the Woolworths stores that have been let or are under offer since the chain collapsed late last year have gone to pound stores. Just under a third have gone to supermarkets and 15% have gone to fashion retailers, according to new research by CBRE, the commercial property company.
Of the 800 Woolworths stores that were left empty by the chain’s demise, almost 60% – or 480 shops – have been let or are under offer. Of these, 134 have been taken by discount retailers such as B&M Bargains, 99p Stores and Poundland. The figure is equivalent to 37% of the stores taken.