High street shop closures reach 16 a day
09/10/2014
High streets are losing their number of shops dramatically, a study by PwC and the Local Data Company has shown.
The study shows that 16 stores a day were closing in the first half on this year, and the rate of store openings fell to 15%. 400 stores have been left empty as Britain’s high street struggles to compete with online retailers.
The stores hardest hit are women’s fashion stores, building societies and pawnbrokers. Although Pawnbrokers had a surge in popularity during 2013, this year a slump in gold price and the rise of pay day loan lenders has lead to them falling behind.
Video rental stores have almost completely disappeared, and travel agents have also been in steep decline. This is to do with the popularity of online streaming services such as Netflix and LoveFilm, and the price of online holidays working out cheaper than going to the travel agent.
The survey shows coffee shops, banks, pound shops, charity shops, convenience stores, tattoo parlours and American restaurants have opened the most outlets in 2014.
Mark Hudson, retail leader at PwC, said:
“This data shows that we are now really starting to see the full effects of the digital revolution and consequent change in customer behaviour play out on the high street.”
Matthew Hopkinson, director of the Local Data Company, said:
"Significant changes are continuing to take place across Britain's town centres.
"Multiple retailers are continuing to close stores on High Streets in favour of retail parks and shopping centres.
"The bad news is that the significant decline in chain retailer numbers in town centres seen in 2012, which then slowed in 2013, has picked up again."
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