That implies 37 shops were lost every day on an average during 2024.
Store closures are expected to rise by the same factor again during this year to about 17,350, with approximately 14,660 coming from independent retailers, CRR research director Joshua Bamfield was cited as saying by British media outlets.
Pressure on independent retailers has existed for long, though new challenges are emerging.
The planned cut in the business rates discount from 75 per cent to 40 per cent in April, which was announced at the 2024 Autumn Budget, would make trading even tougher for retailers.
Independent retailers, typically those small businesses operating between one and five stores, accounted for 84.1 per cent of all store closures last year as those shutdowns soared by more than 45 per cent, CRR said. In 2023, independents were responsible for 74.5 per cent of all store closures.
More than half of all stores closed, 7,537, were shut after retailers underwent some form of insolvency proceedings, while 5,942 shops were closed through ‘rationalisation’ as part of cost-cutting programmes by large retailers or independents simply shutting up shop for good.
Almost 170,000 UK retail workers lost their jobs last year, CRR added.
ALCHEMPro News Desk (DS)
Receive daily prices and market insights straight to your inbox. Subscribe to AlchemPro Weekly!
marketing@alchempro.com
