High Streets Initiative Fred Heritage · 13 November 2017
High street retail closures fall to seven-year low
The number of high street retail closures has fallen to a seven-year low, according to new research. In the first six months of 2017, rates of retail openings and closures fell to their lowest level in seven years. A study from The Local Data Company into the health of high streets in 500 UK town centres, showed that 2, 564 stores had closed in the first half of the year the equivalent of 14 a day. Meanwhile, there were 2, 342 store openings, resulting in a net total of 222 high street shop disappearances. Newsagents, women’s clothing shops, shoe shops and pubs were the types of businesses worst affected by high street retail closures, according to the report. However, businesses like banks and general fashion stores saw their lowest proportion of net retail closures in three years. Some types of high street business actually saw their number of store openings increase over the period. Barbers, beauty salons, cafes and tobacconists all saw overall store numbers grow. One type of business that performed particularly well on Britain’s high streets in the first six months of the year were ice cream parlours. The expansion of Ben & Jerry’s and Kaspa’s franchises has contributed to the industry’s success, it is thought.
ABOUT THE EXPERTFred Heritage
Fred Heritage was previously deputy editor at Business Advice. He has a BA in politics and international relations from the University of Kent and an MA in international conflict from Kings College London.