Wilko, a UK based high street retailer is likely to close down all its 400 stores by October 2023. This closing down comes after all efforts to find a rescue failed. There are no takers for this family owned business that was started in many decades ago and which occupied high street shops.
The fall of Wilko is a harbinger of time to come.
First Corona hit most retail businesses across the world and then the continuous rise of e-commerce companies is leading to the demise of the branded retail stores.
Why would you buy from a store when you can buy the same thing from an on-line store, get it cheaper, have the option of returning it immediately or within a week and get an instant refund when you decide to return it? Finding things was never easier than online. You can see all the variants that are on offer from various vendors before you make a purchase decision. This comes with the added facility of buying in equated monthly installments as a default option!
Many high street, mid street and low street properties are facing vacancies. With the fall of retail, these spaces will now compete with each other for being leased out and that is good news for those who still have faith in branded retail.
In India too, recently Reliance and Tata’s have gone aggressive on having a physical retail store. Over a period of time, the same fate awaits these stores as people will increasingly move to online purchase than going to a store and buying. The current spate of growth is going to soon meet the same fate as Wilko.
The writing is on the wall. There are certain things that no one can stop, one such thing is the march of technology…
