The British Home Store, one of the biggest home store chains of the UK, collapsed into administration on 25 April 2016. This collapse caused 11.000 people to lose their jobs. After one year, more than two-thirds of its former stores still lie empty, wrecking the UK’s high streets and shopping centers.
The collapse of the BHS was as destructive for the UK economy, as the collapse of the Woolworths in 2008. The serial bankrupt of Dominic Chappell that bought this 88 year old home store chain for just £1 was the reason of the collapse of BHS.
Some of the old BHS stores, in Leeds, Birmingham and Brighton have been seized by brands such as Next, Primark and H&M. However, the stores in Wigan, Bolton and Ayr are still vacant.
The economic bottleneck of the UK and high credit debts of the British consumers, have changed the consumers’ shopping habits. An increase in the demand for new large stores in the UK, is not estimated to realize. Many of these former BHS stores seem to lie vacant for some time to come.
After the bankrupt of Woolworth, it had taken about three years for the Woolworths’ 800 stores to find new homes. The property agents see parallels in the BHS situation.
According to the property firms like Colliers International, the BHS estate could be split into three based on its attractiveness. The first 50 shops would be able to find new tenants within 12 to 18. But, the middle third would take between 18 months and four years to find new homes. But, for the weakest third stores, they would stay empty for a long term.
There is high number of BHS stores lying empty in the famous streets of the UK. But because of the economic stagnation in the UK, there is no optimism and expectation about the empty stores of the BHS to be filled by more up-and-coming brands.