Almost 40 stores closed their doors for the final time each day this year in the latest blow to the high street, according to new data.
The latest research from PwC shows that 6,945 outlets have shut so far in 2024, equating to 38 store closures per day – an increase on last year’s 36 per day.
This figure outnumbers the rate of new store openings, which rose modestly to 4,661 this year – averaging 25 openings each day.
However, value retailers and convenience stores experienced a growth rate of more than one store per week at 39 and 85 respectively.
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Net closures for 2024 is 12 per day, meaning there are 2,284 fewer stores on high streets, shopping centres and out of town locations for the first six months of the year.
Less than 100 fashion stores closed in the first half of 2024 – a steep drop from the more than 1,000 that closed in the first six months of 2021.
PwC leader of industry for consumer markets Lisa Hooker said: “The good news is that the rate of net closures has stabilised and consumers will always want somewhere to grab a coffee, last minute present or enjoy the experience of in-store shopping.
“But there are still more closures than openings impacting our high streets, so we need all stakeholders including policy makers and communities to play a role in supporting, repurposing and investing in those struggling locations.
“Spaces need to adapt to the hybrid world and satisfy consumer trends for convenience, variety and fun, creating spaces that fill an immediate need or feel exciting for consumers to step into.”
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