The British high street is undergoing a “Woolworths effect”. Three months after the last, defunct, Woolies store closed, the old outlets are being reinvented – a diverse range of retailers are mopping up trade from the chain’s former customers and investors are left to guess which business will be next to get a boost from Woolworths’ demise.

Rising rents and a recession-induced cash crisis brought to a head Woolworths’ long-running problems, which were largely attributed to its outdated business model. Five months ago, all of its 807 stores and distribution arm, EUK, were placed into administration.