This week we announced store closures for New Look, as well as profit warnings from Primark and Superdry as the High Street retailers struggle to stay in the black.
The Accountancy firm PwC has now released their figures on Britain’s top 500 High Streets and it makes for worrying reading.
14 shops shut every day on average according to the report.
Restaurants and Pubs are some of the biggest industries effected, with our announcement this week on the slew of Restaurants in Manchester closing highlighting this as well.
You’d expect that it would be the smallest towns to suffer the most, but it’s London who top the table in terms of worst effected whilst Welsh town centres seemed to fair better than others.
Fashion and electrical stores topped the list of biggest closures with no signs that this trend will change. This figure links to the obvious closure of Maplins who were on most UK high streets.
Supermarkets, bookshops and ice cream parlours all showed modest gains despite challenging conditions.
Rising rents with consumers reigning in their spending is having a massive effect on the high street. The digitisation of shopping and the fact more people push to shop online makes you wonder whether Primarks decision to stay off the online shopping trend is wise.
Figures from PwC, show 2,692 shops shut across the UK in the first half of 2018, while 1,569 new stores opened. The data looks at retail chains with 5 of more stores.