The former Topshop and Topman store on Bangor High Street is on the market for sale.
The clothing store closed last summer, as part of the already struggling Arcadia group was hit by the pandemic.
The High Street fashion retailer formed part of Sir Philip Green’s retail group, which also included Burton, Dorothy Perkins, Evans, Miss Selfridge, Outfit and Wallis. Arcadia entered administration and ASOS acquired the Topshop, Topman and Miss Selfridge brands; however, this excluded the purchase of physical stores.
The empty property on Bangor High Street comprises double fronted retail shop with ancillary accommodation at first floor and basement. There is a lift that serves ground and first floor.
According to the property agents Blue Alpine there is “Development potential to convert first floor to residential accommodation, subject to planning”.
The 4,700sq ft site is on for offers in excess of £160,000.
Bangor High Street has seen a string of closures over the last 18 months, including Topshop, Dorothy Perkins, Burton, Body Shop, Peacocks, Debenhams and H&M.
The collapse of Debenhams was partially attributed to the adverse trading conditions imposed by COVID-19. As the coronavirus pandemic led to the sudden closure of non-essential high street businesses, physical sales dried up and footfall erased overnight.
Will the High Street Bounce Back Post-Pandemic?
In March 2021, the UK Government released its interim report on the Fundamental Review of Business Rates ahead of its full release in autumn 2021. The interim report briefly touches upon the possible introduction of an Online Sales Tax, which arguably aims to balance the scales between online stores and physical stores. Online Sales Tax could add to the overheads of online businesses, as property fees such as rent and rates weigh upon physical stores, hoping to ‘level the playing field’ and tame the threat from online competitors. In the U.S., online sales tax is already in motion for ecommerce businesses, structured by a financial threshold.
As local businesses and independent shopfronts had their livelihoods pulled from them during COVID-19, many local authorities proactively launched campaigns to encourage customers to shop local. The government launched the ‘Shop Local’ week to help local businesses rebuild and recover from the income loss triggered by COVID-19. Google My Business also launched an advertising campaign promoting online visibility tools for local businesses, helping them survive the pandemic, embraced by the hashtag #DearLocal.
As businesses wean off emergency COVID-19 government support and lockdown restrictions ease on the retail sector and other non-essential businesses, high streets hope to attract shoppers back following the on-and-off closure of stores over the space of three lockdowns, but many fear the high street has changed forever.
