A net 1,123 stores disappeared from Great Britain’s top 500 high streets in the first half of 2018, with only 1,569 shops opening, compared to 2,692 closures, according to research from Price Waterhouse Cooper (PwC) compiled by the Local Data Company (LDC) released on Friday (November 9). This compares with a net loss of -222 stores in 2017.
With a net change of -44 stores in the survey, electrical goods outlets are one of the categories most affected (after fashion shops and pubs), reflecting a shift to online buying. Electrical store closure figures were influenced by the demise of Maplin.
Lucy Stainton, senior relationship manager (retail) The Local Data Company, said: “The performance of the physical UK retail landscape has well and truly passed an inflexion point. Whilst there are still many examples of sectors and brands which remain resilient to market challenges, it would be remiss not to acknowledge the increase in store closures, seen especially in the first half of 2018 when the gap between openings and closures has widened significantly.”
The report blames the ‘record low’ number of store openings to a lack of confidence in the high street. Particularly hard hit, high streets in the North West saw net loss of 58 stores in first half of 2018.
Top: Closing down banners are becoming more commonplace on UK high streets.
