Sir Tom Hunter has welcomed ‘good news’ for the UK’s high streets, with three major retail groups announcing positive trading figures. 

This comes against the backdrop of a new British Independent Retailers Association report that claims the UK high street faces “unprecedented challenges”. The PwC and Local Data Company report highlights a net decrease of 5000 retail premises in 2023. Despite 9138 new openings, the demise of chains such as Lloyds Pharmacy and Paperchase contributed to a net decrease in retail presence.

Sir Tom said: “There has been good news on the high street and I want to talk about it. James Timpson has just announced his turnover is up to £332 million and he’s made £38.3m profit. He has 1330 outlets in the UK high street and retail parks. He is rightly proud of that performance because it’s 87% up on a full year before Covid. 

“So the business has really taken off and he thinks there’s room for him to have 2000 outlets in the UK on the high street and in retail parks.  

“Another High Street stalwart, which shows to me the high street is not dead, is Zara. 

“The Spanish company has just posted results of 35.9 billion euros for the 12 months to January. The sales from January, the 11 weeks of the new year, are up 11% and they are still opening new stores.”

He also pointed to the resurgence of the John Lewis Partnership.

“Now, this has a different ownership structure, employee-owned, and it had been held up as the pinnacle of a new way of capitalism. It has bounced back, posting a profit this year of £42m, against last year’s £78m loss. John Lewis is made up of the department stores and Waitrose supermarkets and it’s Waitrose that’s really coming through.”

Sir Tom concluded: “I do worry about department stores and their place in the high street. I think they need to reinvent themselves.”