In 2024, the UK experienced a significant decline in the number of shops on its high streets, with an average loss of 37 stores per day, according to recent data.
Over the course of the year, approximately 13,500 retail establishments permanently closed their doors, marking a 28% increase from the previous year. While this figure is lower than in previous years between 2019 and 2022, it still paints a concerning picture for the retail sector.
The Centre for Retail Research’s research director warned that despite some improvements compared to previous years, there are still challenges ahead for retailers in 2025. The group anticipates further closures next year, with independent retailers bearing the brunt of these losses.
Various factors contribute to this ongoing trend of store closures on high streets across the UK. Pressure on retailers has been a persistent issue, exacerbated by new challenges such as changes in business rates discounts announced during the autumn budget.
The reduction in business rates discounts is expected to make trading even more difficult for retailers
Political promises to reform business rates systems offer some hope for struggling businesses. However, concrete actions need to be taken to address these issues and level the playing field between traditional brick-and-mortar stores and online giants.
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Despite efforts by various stakeholders , including political parties , industry experts , and advocacy groups , store closures continue at an alarming rate . In addition , large chains like Homebase , The Body Shop , Lloyds Pharmacy , Carpetright have also faced financial difficulties leading to closures .
2025-01-01 19:01:28
Source from www.theguardian.com
