Jewellers are said to be among the list of retail categories managing to thrive as the net closure of retail stores dropped by 50% in 2015.
A PwC analysis compiled by the Local Data Company found despite the rate of openings remaining constant at 13 per day in 2015, the rate of retail store closures across Britain fell from 16 closures per day in 2014 to 14 closures per day in 2015.
Some 5,138 outlets closed in 2015 compared with 4,640 openings, equating to a net reduction of 498 shops. This is a drop of 50.4% when compared with 2014 where 5,839 outlets closed compared to 4,852 openings, a net reduction of 987 shops.
This is the lowest closure rate in five years since the 2012 peak, when 20 stores a day were closing. It also represents the lowest levels of high street churn – entries and exits – since 2010.
Jewellers, along with coffee shops and and takeaway food stores, were among the retail stores which grew at the fastest rate during the first half of 2015. However, the study only includes multiple retailers with more than five outlets nationally and not independents.
Mike Jervis, insolvency partner and head of deals retail specialist at PwC, said: “The lower rate of closures in 2015 reflects optimism amongst retailers and indeed most consumer confidence indices support this. In addition, retail insolvencies are at an historical low.”