UK High Street exits remain at historic high, PwC research

A record net 2,481 stores disappeared from Great Britain’s top 500 High Streets in 2018. In total, 3,372 shops opened, compared to 5,833 closures (2017 net loss was 1,772), according to PwC research compiled by the Local Data Company (LDC).

The number of store openings by multiple retailers dropped by 17.4% year-on-year with the current rate of openings at nine per day. This also represents a 44% decrease from 16 per day in 2013.

“The High Street of the future will be a more diverse space, not solely dependent on stores,” says Lisa Hooker, Consumer Markets Leader at PwC. “The analysis reflects this with the net growth of gyms and sports clubs, ice cream parlours and cake shops, in addition to initiatives to bring more shared office spaces and homes into what were traditionally shopping areas.”

“However, it’s clear that the rate of openings is not currently enough to offset the closure of traditional retailers and services, so some tough decisions will need to be taken in the next few years.”