Almost 50 Shop Closures a Day in First Half of 2021

New research has found there were almost 50 shop closures a day in the first half of 2021, with the high street suffering the worst and almost all types of chain stores seeing a decline (unsurprisingly, takeaways and job centres grew in the period). BBC News has the story.

More than 8,700 chain stores closed in British high streets, shopping centres and retail parks in the first six months of this year, research suggests. …

But despite some high-profile retail failures, the number of closures has fallen compared with a year earlier.

City centres have suffered the worst, while retail parks are faring better.

The store closure figures were collected by the Local Data Company on behalf of accountancy firm PwC.

“After an acceleration in store closures last year couple[d] with last minute Christmas tier restrictions and lockdowns extending into 2021, we might have expected a higher number of store closures this year,” says Lisa Hooker, consumer markets lead at PwC.

She believes continued Government support combined with resilient consumer spending has helped many operators weather the storm and survive the pandemic.

The Local Data Company tracked more than 200,000 stores operated by businesses with more five outlets across Great Britain. These include everything from retail and restaurants, to cafes, banks and gyms. …

Fashion retailers recorded the biggest decline reflecting the collapse of Sir Philip Green’s retail empire which saw his brands, including TopShop and Dorothy Perkins, disappear from the High Street.

More than 120 department stores also shut for good. 

There was also a decline in car showrooms, betting shops and banks, providing yet more evidence of changing shopping behaviour and the shift to online.

Data also shows that store openings were at their lowest level for six years. Leisure dominated the growth with takeaway chains leading the way.

Worth reading in full.

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