Strong net sales make gross reading for the High Street
The days of High Street retailers are numbered as more UK households take broadband Internet services, according to a survey conducted by money transfer website Paypal Europe.
By 2010, it is estimated that 6% of UK consumer spending on goods and services will be transacted online, with people spending £18.5bn a year on the Internet which would have hitherto been spent in stores. Broadband will be installed in 66% of homes by that time.
”Over the past few years we have seen the Internet gradually eating away at the High Street,” said Paypal chief executive Geoff Iddison. “By 2010 we expect substantial sums that would have been spent in-store to have moved online.”
Most at risk, according to Paypal, are electrical retailers, with online stores set to take £4.6bn, a rise of 136%.