According to recent statistics, over 13,000 high street retailers permanently shut their doors in 2024, translating to an average of 37 closures daily.
The data from the Centre for Retail Research indicated that the number of retail store closures in the UK rose by more than 25% compared to the previous year.
In total, 13,479 outlets were closed last year—a 28% increase from 2023.
The majority of the shutdowns, approximately 11,300, involved independent retailers who have experienced a decrease in financial assistance as Covid-related grants and programs are being phased out.
Additionally, 2,138 closures were attributed to larger retailers—some of which, including Ted Baker, Homebase, and Carpetright, ceased operations due to bankruptcy proceedings. Others, like Boots and Shoe Zone, reduced their store counts as a cost-cutting strategy.
It is estimated that approximately 170,000 retail employees lost their jobs last year due to closures and workforce reductions.
Professor Joshua Bamfield, the director of the Centre for Retail Research, remarked: ‘While the statistics for 2024 indicate that the overall outcomes for store closures were not as dire as in either 2020 or 2022, they remain troubling, and we anticipate even greater challenges in 2025.’
The Centre foresees an increase in shop closures this year, predicting that around 17,350 establishments will permanently close their doors in 2025.
They believe that an escalation in national insurance contributions and the rising national minimum wage, both introduced in the October Budget and set to take effect in April, will compel businesses to shut down as their expenses increase.
Significant modifications to business rate taxes were also disclosed in the Budget, decreasing the discount from 75% to 40% starting in April.
This could elevate the average shop’s rates bill from £3,589 to £8,613 for the 2025/26 period, according to the commercial property consultancy Altus Group.
Alex Probyn, president of property tax at Altus, commented that reducing rate relief is ‘imprudent’, stating: ‘Despite Labour’s recognition of the excessive burden business rates impose on our high streets, that burden will be significantly increased.’
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