More High Street Shops Shut Down

Stores continue to close at a rate of 16 per day.

15:31 17 March 2015

More and more high street shops are forced to shut down amid continuing pressure from online sales and changing consumer habits. Based on survey, stores continue to close at a rate of 16 per day while fewer new shops opened. Also, it shows that net closures increase from 371 in 2013 to 987 laser year. 

 

Mike Jervis, insolvency partner and retail specialist at PwC said: "This year's numbers expose the harsh impact of 'macro' changes on the high street, especially in certain sub-sectors.

 

"Regulation has blindsided the money shops, the advance of technology has hammered some phone operators and the internet continues to dent the clothing sector.

 

"Despite the benign economy, the net loss of shops has accelerated.

 

"The insolvencies of Phones4U, Blockbuster, Albemarle & Bond, and La Senza, a diverse cross-section of the retail market, epitomise these factors.

 

"Despite the continuing problem of closures, new sub-sectors, such as discount shops and charity shops keep growing.

 

"The strength of the restaurant and fast-food sectors is also a fillip for the high street."

 

Matthew Hopkinson, director of the Local Data Company, said: "Our town centres continue to evolve away from traditional shops and services to leisure - food and beverage and entertainment.

 

"This is reflected by American and British restaurants featuring in the top 10 risers along with the impact of click and collect services showing a 20% growth in 2014.

 

"Change will continue and the area to watch in 2015 is the battle of the convenience and food store sector as supermarkets, the discounters and pound shops fight it out."