The announcement from Marks & Spencer regarding multiple store closures is the most recent in the long chain of major UK retailers shutting their doors. Other announcements in 2018 include Toys R Us, Maplin, Gap, Michael Kors and Abercrombie and Fitch.
M&S’s annual pre-tax profits fell by nearly two thirds in the last 12 months, with major losses on food, clothing and homeware sales. But the UK retail sector in general is being hit harder than ever by the online market. In particular, the e-commerce giant, Amazon.
If you're thinking about buying children’s toys, gadgets, books or electrical goods, what’s the first place you think of? The likelihood is it's probably the one-stop-shop that is Amazon, rather than high street shops which specialise in these products.