Around 38 British stores have closed each day this year, up from 36 in the same period of 2023, according to a new report from PwC and real-estate analytics firm Green Street.

In the first half of 2024, a total of 6,945 stores have shut their doors.
For the report, Green Street tracked over 200,000 chain outlets in around 3,500 locations to get an overview of the changing retail landscape.

The report found that new store openings have increased, with a total of 4,661 stores opening so far this year or around 25 per day. This is up from 24 store openings per day in 2023.

The research also reflects a trend of retailers moving away from High Streets in favour of retail parks.

While footfall on the High Street has declined by around 15 per cent since before the pandemic, the report said that the number of shoppers visiting retail parks has risen slightly over the past year, with this retail format the only to see a hike in footfall.

Lisa Hooker, leader of industry for consumer markets, PwC UK said that the report shows that while online retail is a significant part of the market it will not completely replace physical stores.

“As more brands invest in data and really understand their customer, new space increasingly seeks to meet customer trends for convenience, ease of access and fun, creating spaces that feel exciting for consumers to step into,” she added. “While some consumer touch points, like grabbing a last-minute present or a coffee can’t be replaced online, the High Street will need to continue to evolve for a tech-savvy generation with new living, working and playing habits.”

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