Britain's high streets could be pulled back from the brink of extinction by a new wave of entrepreneurs. Hope for our high street is provided by new research published by Sage, which suggests that one in five people planning on starting a business would open a retail shop on the high street. That number rockets to 47% for those planning on launching a service-based business.
The YouGov Entrepreneurial Britain study was conducted as part of Sage's Discover Your Business Potential campaign and surveyed 3,329 respondents. It aimed to shed light on how many people are planning on setting up a business in the UK, where these businesses will be and in what sectors. Its findings suggest that:
High street shop closures have impacted town and cities across the UK, with an average of 14 shops closing a day at worst. The north east of England is the area hardest hit, with 15 per cent of retailers closing. However, Sage's research suggests that things are looking up for the region. The North East has the highest number of people planning to start a business, with retail again being the most popular choice (22%).
The research suggests there is light at the end of the tunnel. Everyone has business potential and it’s encouraging to see so many people set to launch a new venture in the next couple of years. Whether it's the Mary Portas effect or not, without doubt, there is hope for the UK high street.