The speed of retailer closures fell to 10 a day in 2024 from 13 a day in 2023, in response to analysis by actual property analyst Greenstreet, for advisory agency PwC.
Greater than 12,800 shops closed in 2024, 1,277 fewer than in 2023.
Greenstreet recorded 9,002 store openings in 2024, round 130 lower than in 2023.
The reserach didn’t present a particular variety of closures for this 12 months, however predicted that the rise within the minimal wage and additional Nationwide Insurance coverage contributions from subsequent month is prone to speed up the speed of closures.
Retailers are “being extra cautious with their opening plans”, in response to PwC senior retail adviser Kien Tan, “partly due to larger working prices following final 12 months’s price range, which is why openings are prone to gradual in 2025”.
