The UK High Streets are changing as almost 7,000 shops have exited cities and towns across the country this year alone.
The once-thriving High Streets have been struggling with the dawn of online shopping, rising costs and the coronavirus pandemic.
Now new data shows that 6,945 shops have closed in the first six months of this year on High Streets, shopping centres and retail parks.
That means 38 shops per day, according to accountancy firm PwC research – a slight rise compared to year on year when 36 shops closed each day.
On the other hand, new store openings are slightly up from 24 to 25 per day across the UK.
In the light of new store openings, the net closure is 12 stores a day – one shop more than last year.
The worst hit were pharmacies as 18 chemists have closed every week on average from January to June, followed by 16 pubs and nine banks, PwC said. Estate agents have also shut offices.
More than 300 Boots closures were announced this summer while Lloyds Pharmacy closed more than 237 branches inside supermarkets last year before disappearing from High Streets too.
And there have not been enough businesses to replace them as only three convenience stores and one cafe chain opened.
The slight silver lining is that the number of store closures has remained near a stable level for three years, PwC said.
Lisa Hooker, PwC UK leader of industry for consumer markets, said that ‘online retail is here to stay, outpacing physical stores annually.’
Retail parks are the only locations which have seen improved footfall amid the declining trend for other shopping sites.
Rick Jones, PwC UK’s leader of hospitality, sport and leisure, said: ‘How consumers choose to prioritise their pounds and take up their time has changed. There’s been a continued shift, with consumers seeking new experiences and spending more time with friends and family.
‘This should be welcome news for the hospitality sector. However, our data shows continued net closures in the first half, particularly for those businesses hardest hit by energy and labour cost inflation.
‘Put simply, adapting to these changes has become an existential matter. As the high street continues to evolve, there will be even more opportunities for new operators to make their mark.’
In London, 13 pubs were at risk of closure this summer after the Antic Hospitality Group went into administration.
And up and down the UK, more pubs are calling last orders, citing increasing energy prices and the cost of living crisis as a reason for the troublesome landscape for pubs and punters alike.
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