Boxpark boss Roger Wade has warned retail is “on the edge of a precipice” and urged the government to intervene to save Britain’s high streets.
Wade, who founded the fashion brand Boxfresh in 1989 before becoming a landlord through his pop-up mall business, called for “a root-and-branch review” of the retail sector.
Speaking at the World Retail Congress, Wade called on the government to reform the “ridiculous” business rates system, urged retailers and landlords to end “us-and-them” relationships and took a swipe at retailers for “running away from their debt” by launching CVAs.
Debenhams is the latest high-profile retailer to resort to the insolvency process after struggling to adapt to changing shopper habits.
New Look, Carpetright, Paperchase and Cotswold Outdoor are also going through CVAs in a bid to slash rents and scale back their bricks-and-mortar presence, while Topshop owner Arcadia is mulling a similar move.
Please sign in now if you have a subscription or are already registered with us.
Retail-Week.com provides premium, in-depth intelligence that helps retailers judge risks, spot opportunities and identify what they need to do to win in the digital economy.
Register today for a taste of our high-quality intelligence and enjoy:
Discover Retail Week register now
Please note, if you have recently purchased a subscription, it may take a few minutes before your account is updated.