Around 47 sites shut up shop for the last time every day last year, according to new analysis.
The Centre for Retail Research found that 17,145 shops on high streets and other locations across the country closed in 2022. This was up by nearly 50% on 2021, when 11,449 shops shut.
Rather than company failure, rationalisation now seems to be the main driver for closures as retailers continue to reduce their cost base at pace
Professor Joshua Bamfield, Centre for Retail Research
The group’s survey found that a little over 5,500 of the shops went under, while more than 11,600 of them were closed as a larger chain decided to cut its costs.
But the researchers found there had been a 56% drop in shops being closed because larger retailers – with 10 or more sites – went out of business.
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