The first half of 2024 saw a significant number of store closures across Great Britain, according to recent data from PWC.
- A total of 6,945 shops belonging to chains and multiples were shuttered, marking a daily closure rate of 38 stores.
- Despite the high closure rate, there has been a slight stability in store openings compared to previous years.
- Fashion retail demonstrated notable resilience, with reduced closure rates owing to evolving consumer behaviours.
- The increased prevalence of online shopping continues to impact traditional high street and shopping centre footfalls.
Research from PWC highlights that 6,945 shops, primarily from chains and multiples with five or more outlets, closed during the first six months of 2024 across Great Britain. This equates to about 38 store closures per day, a slight rise from 36 daily closures observed during the same period in 2023.
However, the number of new store openings has seen a minor increase, growing from 24 to 25 openings per day. This stability in openings hints at a net decline that remains close to 1%, indicating a gradual downturn in physical retail presence as online transactions ascend.
In the fashion sector, there has been a significant reduction in closure rates compared to early 2023, although sales suffered due to unseasonably wet weather during the initial months of the year. This coincided with heightened online retail activity, achieving its highest penetration since late 2021.
Footfall on high streets has notably diminished, with a 15%-20% drop compared to pre-pandemic levels, affecting sales and profitability. March was the only month recording a slight rise in foot traffic, likely boosted by earlier Easter holidays.
Shopping centres faced reduced customer numbers but managed fewer net closures compared to the national average, while retail parks exhibited increased footfall and outlet growth, except during April due to Easter’s timing.
Lisa Hooker from PWC emphasised the sustained dominance of online retail over physical stores, noting that brands are adapting by tailoring new spaces to align with contemporary consumer preferences for convenience, accessibility, and enjoyment.
The data underscores a persistent, albeit sluggish, transition from physical retail spaces to digital platforms in 2024.
