H&M has closed its store on Bangor High Street – leaving another empty shop unit on the high street.
The clothing store started a consultation with staff over the “potential closure” last month, before shutting up the shop last week. The store in Wrexham has also closed recently.
The High Street has already lost brands like Topshop, Peacocks and The Body Shop recently, but business leaders remain optimistic, despite the closure of the bigger stores.
Pamela Poynton, Chair of Bangor business improvement district (BID) told the BBC: “Despite the closure of these stores, we are seeing independent shops opening up.
“We’ve got a lot more people taking up smaller shops and the big ones are sort of going. It’s a bit like a David and Goliath situation.
“The smaller stores seem to be outdoing the bigger stores at the moment. I think people are supporting the local shops, and I suppose now people are thinking that if they want a shop to stay open they have to support it.
“I think sometimes people are fearful of change and with Covid we don’t know what’s going to happen. But things people have forecasted don’t seem to be happening at the moment. We’ve had some closures but we’ve got some new ones opening.”
Bangor Estate agent Dafydd Hardy said while it was sad news for all those affected there is demand for units from local independents.
He told North Wales Live: “It’s a shame to see another business closure on Bangor high street, with the associated job losses being even more difficult for families at this time of year.
“The trend of national brands exiting commercial high street spaces appears to continue across North Wales.
“However, we’ve seen many independent local businesses opening up in their place, at both Caernarfon and Bangor.
“That being said, the former H&M site is larger than most and we’ve seen higher demand for smaller retail units over the past 12-18 months.
“As a passionate supporter and advisor to a number of local businesses, its brilliant to see new and growing local businesses but we must not forget that these national brands often attract additional footfall to an area.
“Business rates remain a concern and barrier to a number of new ventures, with many businesses still struggling during these unprecedented times.
“Given the shock many businesses felt as their revenue stopped almost overnight, it’s likely we’ll see a shift to ‘percentage leases’ across the UK over the coming years.
“That being said the commercial market, much like the residential one, appears to be busy and our teams are dealing with calls, emails and enquiries as promptly as possible.”
