InCredit - High street must 'change to prosper'

The government has launched a new initiative aimed at breathing life back into the high street. The Future High Street Forum will seek to adapt the high street to reflect changing consumer habits.

The move follows several high profile retail collapses this year, including HMV and Blockbusters, and several more are said to be experiencing 'significant distress' financially.

British Retail Consortium Director General, Helen Dickinson, said, "Many high streets are facing a real endurance test in these relentlessly tough times, and rising operating costs are making matters worse."

The initiative will bring together leaders from retail, property and business in a bid to create and implement new policies and ideas, including ways to cut the price of parking and promoting pop-up shops.

Robert Downes, policy advisor at the Forum of Private Business, said, "While the internet has been blamed for the damage to the high street, we must remember supermarkets have played their part as well. Only recently there have been reports of supermarkets clamouring to take over premises now empty thanks to the collapse of firms such as Jessops and Blockbusters."

Mr Downes believes giving authorities new powers allowing them to refuse applications by supermarkets could save the surviving businesses on the high street. He said such a change would safeguard small independent traders whilst preventing the spread of mini-mart supermarkets.

He continued, "Time really is of the essence now, and so far there's been little movement since the Portas review in 2011. We've seen big names stores collapsing one after the other, and 2013 has not started very well either."

Despite the governments efforts it will already be too late to save some struggling retailers who will inevitably collapse. These failing businesses could have knock on effect for other firms within its supply chain. Protecting a business from the damage late payments and bad debt can do is vital in uncertain times.

Believing a customer will pay on time because they have in the past could be a mistake with devastating consequences for a business. Ensuring credit limits are appropriate and reflect the business' current situation, by using the most up to date information, is vital. Using risk monitoring services allow businesses to do this quickly and efficiently.

The high street is experiencing a period of change with increased competition coming from online retailers and supermarkets, those that fail to adapt will struggle to compete.

Source: http://www.graydon.co.uk/blog/2013/2/10/high-street-must-%E2%80%98change-to-prosper%E2%80%99.aspx

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