Britain’s excessive streets continued to shrink in 2024, with a mean of 35 shops closing every day as retailers battled on-line competitors and financial uncertainty.
Nonetheless, regardless of 12,804 closures final yr, the most recent knowledge from PwC signifies a extra optimistic outlook for the sector, with the speed of closures slowing in comparison with 2023, when 14,801 shops shut their doorways.
Whereas closures outpaced new openings, the retail panorama noticed indicators of resilience, with 9,002 new outlets launching throughout excessive streets, retail parks, and procuring centres. Espresso outlets and comfort shops have been among the many key drivers of progress, with a internet enhance of 171 comfort shops and 105 new espresso retailers, notably in drive-through and out-of-town areas.
Jacqueline Windsor, head of retail at PwC UK, stated the figures point out “a cautious optimism” for 2025, suggesting client spending stays regular regardless of ongoing financial pressures.
The most important losses have been seen within the banking sector, the place a internet 396 branches closed as monetary providers moved additional on-line. Pubs additionally suffered, with 561 chain pub closures recorded final yr—although round half of those later reopened beneath impartial possession or as smaller chains.
Zelf Hussain, restructuring associate at PwC UK, warned that challenges stay, notably with payroll prices and enterprise charges set to rise in April. “Retailers continue to face significant challenges in 2025,” he stated.
Over the previous decade, Britain’s excessive streets have misplaced almost 30% of their stores, whereas procuring centres have seen a 25% decline. Regardless of the slowdown in closures final yr, the retail sector stays beneath stress, with many companies nonetheless adapting to altering client habits and rising operational prices.
