Commenting on reports that high street estate agent Spicerhaart is to buy Tesco’s online ‘Property Market’ estate agency, BrightSale Managing Director Andy Etches said:
“Spicerhaart’s purchase of Tesco’s online estate agency may well herald the start of a massive high street branch closure programme, not just for Spicerhaart but for other high street estate agents as well.
We believe that by buying Tesco’s online platform, Spicerhaart is experimenting with a branchless model that companies like BrightSale have practiced for some time. If successful, we would expect to see a rapid closure programme of expensive and increasingly redundant Spicerhaart high street branches. This could see up to 227 Spicerhaart high street branches closed.
As we predicted in our recent research note Is there a Future for Traditional Estate Agency? (BrightSale Research, April 2008), online estate agencies like BrightSale are set to replace traditional...