The UK’s town centres are losing some of the most iconic brands that we once thought would be there forever. Brands such as Russell & Bromley and LK Bennett are all facing administration or total restructuring.
Honestly, this has been a long time coming, it seems, because retailers have been struggling for years now. Having to maintain bills, wages, business rates and import costs that have all increased through the years, which makes maintaining a low cost for profit difficult.
Prestat, the chocolatier known for its luxury treats is one of the companies facing trouble. With chocolate, the global cocoa prices have shot right up because of a crop disease problem. Cocoa was an already expensive product, and so this added to the stress of cost price.
Molly Monks F.I.P.A of Parker Walsh said: “Many established brands were already operating on tight margins before recent economic shocks. Rising costs, legacy debt and reduced discretionary spending have created conditions where even well-known names can become vulnerable.”
How Are Shoppers Changing Things These Days?
Today, consumers shop differently where price and convenience are more important over brand loyalty. Because things have become so expensive, shoppers no longer mind choosing fast-fashion chains, discount shops, or the marketplaces (like Amazon) where quick delivery and low prices can be found.
Businesses that operate online don’t carry the burden of having to cover overhead costs as much as physical ones would. Ecommerce stores save about 36% to 50% in operational overheads, according to Consultancy.eu.
Traditional stores, especially those with large property costs, feel the impact when people cut back on spending
Ms Monks explained: “Brand heritage carries emotional value, but customers prioritise affordability and convenience. Businesses that fail to modernise risk being left behind.”
What Is Replacing Old Favourites?
High streets are beginning to look different as boutiques and heritage shops are giving way to cafés, gyms, discount stores and service-focused businesses. Some brands survive by moving online or shrinking their store networks.
Businesses are reassessing how many stores they can sustain while managing debts. Ms Monks said: “Businesses that adapt quickly, control costs and understand evolving consumer expectations can still thrive. Survival now depends on reinvention, not reputation alone.”
Can Heritage Brands Survive?
There are opportunities for traditional brands willing to change. Investing in online sales, cutting down on overheads and responding to modern shopping habits can help preserve a business. Heritage brands that maintain emotional connections with customers can thrive online without relying on large stores.
Ms Monks emphasised again, “Businesses that fail to embrace new retail models risk losing relevance. Adaptation is essential for survival in today’s market.”
High street survival is more and more so becoming about balancing legacy with what customers want now. Those that succeed may still be able to stand out, even if their presence on town streets looks very different from the past.
The changes are also a chance for brands to start experimenting with strategy. Smaller or online retailers have been able to test subscription services, limited edition products or exclusive online ranges to keep loyal customers engaged.
Ms Monks agreed that these strategies can help heritage brands stay relevant: “Companies that combine a sense of tradition with new ways of reaching customers can maintain interest and build resilience against ongoing pressures.”
