Jan 2, 2023
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UK store closures jumped in 2022, more expected this year

Jan 2, 2023

British retail saw the closure of almost 50 shops a day last year, the highest number for more than half a decade, and this year is expected to be just as bleak.


That’s according to analysis from the Centre for Retail Research (CRR) that said 47 stores closed daily on average in 2022, adding up to a loss of 17,145 stores across the 12 months. In 2021, when the pandemic was still in full force, ‘only’ 11,449 closed for good.

The closures last year also meant the loss of 151,474 retail jobs across the UK, with online retailers cutting staff as well as those operating physical stores. That was higher than the 105,727 lost in the previous year, although support measures in 2021 likely suppressed the number lost back then.

Of the store closures in 2022, 5,509 were down to companies going under and another 11,636 due to either cost cuts or indies simply exiting the sector (over 11,000 stores were shut by indies).

But the collapse of big chains was down 56% after a big toll in 2021 meant the weakest had already failed.

CRR director, Professor Joshua Bamfield said that rationalisation now seems to be the main driver for closures rather than company collapses. He thinks retailers will continue to rationalise this year but that some major names may also fail.

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