High street store closures reach record levels

The number of high street stores shutting their doors for good has reached record levels as more people shop online, according to new figures.

The figures from the Local Data Company and PwC UK shows that 11,120 chain store outlets have closed this year so far.

According to the figures, a total of 5,119 shops have opened this year, creating a net decline of 6,001, which almost double last year’s number of 3509.

‘We all knew that consumers were shifting to shopping online or changing their priorities in terms of the things they buy, but what COVID-19 has done is create a step change in these underlying trends to where they have now become the new normal,’ said PwC’s consumer markets leader, Lisa Hooker.

‘While it’s challenging for many, these results do prove a few positive things. Firstly, there’s been a resurgence of interest in local high streets. The practicalities of lockdown and the increase in working from home mean that independent shops tend to be located where consumers increasingly are.’

Working as part of the High Streets Task Force with the Institute of Place Management and consortium partners, PwC has investigated the drivers behind the post-COVID-19 high street recovery to understand the pace and shape of the recovery across different locations and where intervention could boost high street recovery.

‘The role of local leaders and place makers in working with communities and businesses to set out a new vision for our high streets has never been more important,’ said PwC’s local government leader, Jonathan House.

‘From the differing demands of local and long-distance visitors to the burgeoning afternoon economy, it is important that a more nuanced picture of the impact of COVID-19 is applied to each town or high street.

‘There’s a once in a lifetime opportunity to reimagine high streets that are at the heart of our local communities and local economies. The high street won’t go back to how it was and can’t recover through the retail sector alone. Businesses, communities, local and central government need to come together and create liveable, vibrant and different places where people want to live, work and visit.’

Photo Credit – Jamie Hailstone