Qualified advisers answering your
Financial Questions
call 0800 092 1245

High Street shops continue to decline


Research from The Local Data Company has shown that more high street stores closed than opened last year, at the rate of 16 closures per day.

The Local Data Company analysed the top 500 high streets in the UK, and found that three times as many shops shut in 2014 as did in 2013. Overall, 5,839 outlets closed, with clothes and shoe shops facing the biggest declines. Mobile phone shops also saw a massive fall, with 419 shops closing, which was partly to do with the chain Phones 4U falling into administration. Opticians and travel agents also saw a drop, but leisure stores, such as food and drink shops, continued to grow. Coffee shops, tobacco shops and charity shops opened the most new stores in 2014, according to the report.

Shop closures are expected to continue at their current rate, as the market continuously changes. In 2013 new shops helped keep high streets occupied and in 2014 there were much fewer stores opening, leading to concerns that high streets may be further emptied in the next few years.

Matthew Hopkinson, director of the Local Data Company, also said he expected changes to continue. He said:
"The area to watch in 2015 is the battle of the convenience and food store sector as supermarkets, the discounters and pound shops fight it out.”

Mark Hudson, a retail leader, said:
"Customers are embracing new mobile technologies, traditional retail channels to market are being wiped out and new channels are being created, often in the online rather than the 'real' world.”

Need financial Advice?

If you have any personal finance questions related to this news article, then please contact our financial advisers. You can get in touch by asking a question online, calling us on 0800 092 1245, or by arranging a visit.

Share this..

Related stories

Financial Guides

Financial Calculators

Our useful calculators can help you get your finances in order:

Latest News


Helpful new tax year facts that could affect you and your money

Blog | Seven helpful new 2016/2017 tax year facts that could affect you and your money. Our recent online blog shares a brief outline on how to stay up to date.

Read more

Useful Links

Popular Searches

Please Enter More Details

Enter More Details