Retail in London is dying. Economic indicators have been terrible for the industry lately. As of July 2018, up to 50,000 retail jobs have disappeared only within the last six months, with the industry’s crisis being most tangible at the city’s high streets.
Changes in consumer habits are one of the principal reasons. For the last 4 years, the UK has topped the list of countries with online retail sales as a percentage of total retail sales (15,6%). It is also the second country with the highest e-commerce revenue on average per online shopper in the world (£1629), with only the US ahead.
The situation for physical retail is so bad that, even though a 2016 study conducted by YouGov showed that eating out was the primal source of spending in London, with people doing it more often and at a higher cost, mid-market restaurants are also closing by the dozens.
The casual dining retail market has been overexploited in London for at least the …