Research completed by PwC & LOcal Data Company shows that 2870 high street stores closed in the six months to June 30. This is the highest figure since records began and equates to around sixteen sshops closed every day.
However, there was a total of 1634 stores that opened in the same period, which is currently up 4% year-on-year uptick. Fashion retailers saw the biggest declines, which was driven by a high number of CVAs and administrations. The main challenge that the traditional high street retailers face is a growing competition from online retailers.
However it’s not just the fashion retailers that are being hit, it’s also restaurants, estate agents and pubs, which have all fallen into the next big group that has recorded declines.
“The decline in store numbers in the first half of 2019 shows that there’s been no let-up in the changing ways that people shop and the cost pressures affecting High Street operators,” – Lisa Hooker, PwC Consumer Markets Leader