This week the high street has once again been hitting the headlines with the purchase by ASOS of some of the Arcadia brands including Topshop and Miss Selfridge. This follows Boohoo’s recent purchase of the Debenhams brand enhancing its online offering.
Whilst this happily means continuity of supply for customers it is striking just how little of the high street will be left when shoppers are eventually able to return. The pandemic seems to have only compounded the ongoing issues faced by high street retailers and we are certain that the loss of Debenhams and the Arcadia Group are not the last casualties that we will see over the forthcoming months.
The high street must change to meet customers’ needs whether that is the demands of fast fashion and next day delivery or at the other end of the scale to offer a high-end luxury in-store experience. The high street is not alone. The last 12 months has forced businesses across all sectors to innovate to survive. In some cases, this has triggered new start ups to exceed all expectations and for businesses to diversify into completely new areas.
If your business has recently moved into a new arena or you are considering expanding through acquisition via an insolvency process or otherwise we are here to advise you and guide you through that process. Get in touch.