The high street faces significant challenges as nearly 40 stores shut each day in 2024, data shows.
- Research by PwC indicates a rise in daily store closures from 36 last year to 38 this year.
- New store openings lag behind closures, with only 25 stores opening daily on average.
- Value retailers and convenience stores buck the trend with notable growth, adding over one store per week.
- The net closure rate has stabilised, but stakeholders must support revitalisation efforts.
Recent data reveals a troubling trend for the high street, with an average of 38 stores closing each day throughout 2024. This increase from the previous year’s rate of 36 daily closures underlines ongoing challenges facing retailers.
According to research conducted by PwC, a total of 6,945 outlets shut down so far this year, a figure that starkly contrasts with the modest opening of 4,661 new stores, equating to about 25 store openings per day.
Despite a general decline in store numbers, value retailers and convenience stores have experienced a positive trajectory, managing to achieve growth rates that saw them opening more than one new store per week, with 39 and 85 new outlets respectively.
Fashion retail, in contrast, witnessed a significant decrease in closures compared to previous years, with fewer than 100 outlets closing in the first half of 2024, a dramatic reduction from over 1,000 closures during the same period in 2021.
Lisa Hooker, the leader of industry for consumer markets at PwC, noted the stabilisation in net closure rates, emphasising the enduring consumer desire for physical retail experiences. She highlighted the need for stakeholders, including policymakers and communities, to invest in transforming and revitalising struggling commercial spaces to align with evolving consumer preferences.
Hooker further commented on the necessity for retail spaces to adapt to a hybrid model, catering to trends in convenience, variety, and experiential shopping, thus ensuring these areas meet immediate consumer needs and remain engaging destinations.
The persistent store closures underscore the importance of strategic collaboration in revitalising the retail sector.
