Home Breaking 14 shops a day closing in Britain, PwC report finds

14 shops a day closing in Britain, PwC report finds

by Purvai Dua
9th Nov 18 8:59 am

British high-street crisis seems to be intensifying as the latest PwC report has stated that as many as 14 shops a day were shut in the first half of the year.

The study, due to be published today, is an analysis of 500 high streets.

The report also finds that 2,692 stores were shut between January and June. The study concluded that town centres were enduring their worst period for five years.

Lisa Hooker, consumer markets leader at PwC, commented: “The continued rate of store closures reflects the new reality of that many of us prefer to shop online and increasingly eat, drink and entertain at home.

“The high street is adapting to an overcapacity in retail and leisure space resulting from these channel shifts. Openings simply aren’t replacing the closures at a fast enough rate. 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.

“Looking ahead, the turmoil facing the sector is unlikely to abate. Store closures in H2 (the second half of the year) due to administrations and CVAs (Company Voluntary Arrangements) already announced will further intensify the situation.”

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