Record number of high street closures as shops feel pinch

Shoppers in the run-up to Christmas in Buchanan Street Glasgow

Fashion and electrical stores were affected seriously, and restaurants and pubs also lost many consumers for people's preference in eating and drinking at home.

The turmoil facing the sector "is unlikely to abate", according to Hooker, with administrations and company voluntary arrangements (CVAs) set to intensify pressure. "While there are still many examples of sectors and brands which remain resilient to market challenges, it would be remiss not to acknowledge the increase in store closures, seen especially in the first half of 2018 when the gap between openings and closures has widened significantly", said Lucy Stainton, senior relationship manager (retail) at Local Data Company.

According to the report, 2,692 shops closed in the first six month of this year, while 1,569 shops opened, which means a record high net number of closures of 1,123. The data looks at retail chains with more than five outlets. Jamie's Italian, Prezzo and Strada have all closed restaurants as well.

"Specifically, the openings across "experiential" chains, such as ice cream parlours, beauty salons and vape shops, haven't been enough to offset closures in the more traditional categories".

According to PwC, Greater London had the largest number of store closures of any United Kingdom region, with a fall of 716, while only 448 were opened.

Huddersfield was the only town that experienced a positive net change across Yorkshire and Humber in the first half of the year.

Leicester faired well with a net loss of just one store, with 13 openings and 14 closures.

Retailers are facing a flawless storm of pressures as consumers rein in their spending and do more of their shopping online.

In last month's Budget, Chancellor Philip Hammond promised to spend £900m on reducing the business rates bill of 500,000 small retailers by a third.

"The intensity of the current retail climate, which is being felt across Scotland's towns and cities, highlights that restructuring and new investment are required, but so are new ways of thinking".

Jake Berry, the minister responsible for High Streets, said the government was determined to make them thrive.

The decline has been put down to the growth in online shopping and a shift to "in-home leisure", PwC said.

Related News:

  • Protesters target home of Fox News' Tucker Carlson

    Protesters target home of Fox News' Tucker Carlson

    The protesters were doubling down and defending their protest after the ensuing backlash. Yglesias started a string of tweets. "I can't have my kids stay at home alone now".
    Hong Kong bars FT journalist from entering

    Hong Kong bars FT journalist from entering

    Ma responded on Twitter saying he was a "novelist not an activist" and was simply attending the festival to discuss his new work. Authorities in Beijing and Hong Kong have said the notion of independence violates the principle of "one country, two systems".
    Netflix Announces New Slate of Original Indian Programming

    Netflix Announces New Slate of Original Indian Programming

    After he returns, he finds out that Bulbul has been abandoned by his brother and has been serving the people of the village. Directed by Anthony Maras, the film stars Dev Patel, Armie Hammer, Nazanin Boniadi, Anupam Kher and Jason Isaacs.
  • U.S. mortgage rates jump to highest level in almost 8 years

    The average rate for five-year adjustable-rate mortgages rose to 4.14 per cent from 4.04 per cent last week. It's evident that housing inventory shortages continue to impact prospective homebuyers this fall.
    Crystal Palace vs Tottenham, Premier League

    Crystal Palace vs Tottenham, Premier League

    Pochettino has masterminded it by using more players than any other side and he finally feels happy with his back-up players. If Palace are going to avoid relegation for again, they need to start scoring more goals.
    $10 a day for three Coquitlam child care centres

    $10 a day for three Coquitlam child care centres

    Christina Dicks, program manager for the Alberni Valley Child Care Society, called the subsidy "ground-breaking". The daycare started offering the reduced fee as of November 1, and Dicks said parents were overjoyed.
  • Merger of SSE and npower is hanging in the balance

    Merger of SSE and npower is hanging in the balance

    Last month the Competition and Markets Authority's (CMA) gave the green light to the proposed merger between the two companies. Next year will see the introduction of the energy bill price cap, which has been set at £1,137 a year for "typical usage".
    Have Bayern waved goodbye to Bundesliga title with Dortmund defeat?

    Have Bayern waved goodbye to Bundesliga title with Dortmund defeat?

    This is also just the second time that Dortmund have reached the 11-game mark unbeaten, and the first since 2002-03. He was clean through with only Manuel Neuer to beat, but he could only fire tamely at the Germany No. 1.

    Tiger Woods 'snubs $2.5m offer to play Saudi tournament'

    Athletes and entertainers have pulled out of recent events in Saudi Arabia amid backlash against the country's government. But there's no denying that the tournament presents a public relations minefield.
  • Satanists are suing Netflix over ‘The Chilling Adventures of Sabrina’

    Satanists are suing Netflix over ‘The Chilling Adventures of Sabrina’

    The Temple is also seeking an injunction to prevent the series being redistributed with the image of the statue. Neither Netflix or Warner Bros have commented on the lawsuit.
    Brexit : a new resignation

    Brexit : a new resignation

    Boris Johnson had praised his brother Jo Johnson for his resignation as a minister over Theresa May's handling of Brexit .

    Minister Jo Johnson quits over Brexit and calls for new vote

    The MP, who is Boris Johnson's brother, said the withdrawal deal now being negotiated with the European Union "will be a awful mistake".


Most liked

Kings vs. Raptors live stream
Desktop users can stream the game by clicking this link . " This isn't our ceiling ", Leonard told reporters following the game. Ibaka (14 rebounds), Leonard (11), and Valanciunas (10) all managed double-doubles against the Kings' frontcourt.

Gatland looking to lay down World Cup marker
That's really picked up in the back end of the season, our fitness and understanding of how much of a high-paced game it is. You get a lot of interest in it. "We don't mind running as an underdog, don't worry about us".

Kim Kardashian and Kanye West's home in flames from California Wildfire
Kardashian West said that she was forced to evacuate her Calabasas, California, home due to the looming threat the fires posed. Their sister Khloe Kardashian also commented on the events, sharing, "I cannot sleep!" "Firefighters are arriving.

CHI Franciscan Hospitals Earn Outstanding Safety Grades
All Triangle hospitals but one received an A, and some did worse than the national average in certain key safety measures. OR had the second-highest percentage of A-rated hospitals and Virginia came in third, according to the fall report.

All Blacks reckon clash with England bigger than Lions series
Whether they sing or what, it adds to the atmosphere. "When I've played in teams that did that previously we've been successful". By the end of the season, Ashton had chose to leave France for Sale, making him available for England once again.

George Lopez Charged with Battery After Altercation over Trump Joke
At the time of the altercation in October, George was filming his latest movie, Walking With Herb , a religious flick. At the beginning of the video, the man appears to be waiting for Lopez as the star enters the restaurant.

Chinese kids building AI weapons
Ironically, China was the first superpower to endorse a call for a ban on autonomous lethal weapons at the UN. The Chinese government submitted a position paper to United Nations on the use of AI weapons in April.

Gluten-free fix? Experimental treatment could let celiac disease sufferers eat gluten
After Phase 2 is deemed a success, it will undergo another round of clinical testing and then apply for approval at the U.S. The body does, however, identify gluten as a foreign invader which triggers the launch of an immune response.

Sarkar Gets Dethroned By Thugs Of Hindostan At The Box Office?
Trade analysts believe that the film will have to hold its ground on Day 3, otherwise it will not be able to emerge a massive hit. As per reports in Box-Office India, it has managed to garner only Rs 28 cr (approx) on its second day at the ticket windows.

O'Brien returns in Ireland side to face Pumas
Schmidt coached his Pumas counterpart Mario Ledesma at French giants Clermont and believes the former Argentina hooker has a "cunning plan" behind shifting Petti to the back-row.

Tiger Woods expects strong field for World Challenge
He turned down a £2.5 million pay cheque that is seemingly the largest he has ever been offered for an official global tournament. Athletes and entertainers have pulled out of recent events in Saudi Arabia amid backlash against the country's government.

Dubai police begin training on flying motorbikes
Authorities in Dubai believe it will help police reach emergencies at super speed and are set to order the hoverbikes in the coming weeks.

Beat Saber Arriving On PS VR This Month, With Exclusive New Content
There's no word on a price just yet, but this should round out what has turned out to be an excellent year for PSVR. And especially this month, which already has the fantastic VR-enabled Tetris Effect on its way today.

Google Cloud makes it easier for data scientists to collaborate
Taken together, Google's Kubeflow pipelines and AI Hub are meant to help data scientists share models across their organization. Kubeflow Pipelines provides a workbench to compose, deploy and manage reusable end-to-end machine learning workflows.

Liam Fox Says UK Must Be Able To Unilaterally End Brexit Backstop
A long-awaited Brexit deal could be brokered within a week, senior European Union leader Donald Tusk has claimed. Mrs May has previously insisted no United Kingdom prime minister could ever agree to such proposals.