Carnage on the high street: Retailers in the UK close the doors on 2,700 shops in first half of 2018
About 14 shops are closing every day as UK High Streets face their toughest trading climate in five years, a report has found. A net 1,123 stores disappeared from Britain’s top 500 high streets in the first six months of the year, according to the accountancy firm PwC.
It said fashion and electrical stores had suffered most as customers did more shopping online. Restaurants and pubs also floundered as fewer people go out to eat or drink.
London was the worst-hit region, PwC said, while Wales had the lowest number of closures.
“Looking ahead, the turmoil facing the sector is unlikely to abate,” said Lisa Hooker, consumer markets leader at PwC.
“Store closures in the second half of the year due to administrations and company voluntary arrangements [a form of insolvency] already announced will further intensify the situation.”
According to PwC, 2,692 shops shut across the UK in the first half of 2018, while only 1,569 new stores opened. The data looks at retail chains with more than five outlets.
Electrical goods stores were among the biggest casualties, largely due to the collapse of Maplin in February that resulted in 50 stores being closed.
Italian restaurants also struggled, as Jamie’s Italian and Prezzo both shut stores after striking rescue deals with their creditors, while Strada also made closures.
PwC said there was net decline of 104 fashion shops and 99 pubs as openings failed to replace closures “at a fast enough rate”.
There were some bright spots, however, with supermarkets, booksellers, ice cream parlours and coffee shops all seeing slim net gains in their store counts.