A wave of closures by chemist, pub and bank chains led to almost 2,300 more empty stores on high streets, shopping centres and retail parks in Great Britain in the first half of this year, show a new research.
According to a survey by Green Street for the advisory firm PwC, a total of 6,945 stores have closed so far in 2024, which is the equivalent of 38 shops per day. Although more than 4,600 outlets opened, up from the same period a year ago, it wasn’t enough to make up for the number of businesses that shut.
Many of the closures are fuelled by the withdrawal of Lloyds Pharmacy from the high street and the closing down of hundreds of Boots stores. Stonegate pubs, the owner of the Slug & Lettuce and Be At One brands, also disposed of 34 trading sites.
Convenience stores were the best performing category as supermarkets like Morrisons and Asda opened new outlets, followed by value retailers – such as B&M or Home Bargains, cafes and coffee shops, which have been moving into retail parks with new formats such as drive-thrus.
The figures also showed high streets had the worst level of net closures, while retail parks are seeing net openings and shopping centres on an improving trend.
“The bad news was very concentrated in terms of types of business and location,” said Kien Tan, a senior retail adviser at PwC.
“Since the pandemic it has got harder to get into town and easier to get to retail park," Tan said, adding that the shift towards working from home along with recent upturn in online shopping might have been affecting the high streets.
The number of visitors to UK high streets, shopping centres and retail parks was 15-20 per cent lower than before the pandemic and has continued to decline in 2024, not helped by the wet weather, Tan said.
The bi-annual report using data from Green Street, formerly known as the Local Data Company, tracks more than 200,000 chain outlets in more than 3,500 locations to gain an insight into the changing landscape of high streets, shopping centres and retail parks. The report for PwC does not include independent stores which are tracked separately.
The data covers businesses with more than five outlets and includes everything from retail and hospitality to gyms, banks and hairdressers. It does not include independent traders.
