Net loss of UK stores almost triples in 2014

Nearly three times as many shops disappeared from UK high streets last year compared with 2013, according to new figures released today. 

The research from PwC, compiled by the Local Data Company (LDC), found that 5,839 stores closed in 2014 compared to 4,852 openings. This equates to a net reductions of 987 shops as significantly fewer shops opened despite similar numbers closing year-on-year.

The study of multiple retailers in 500 town centres across Great Britain found that this was an increase from 371 closures in 2013.

The figures reveal that some 765 goods shops of a more ‘traditional’ type, including clothes and shoe shops, closed, while service retail, which includes opticians, travel agents, hairdressers and recruitment agencies, saw a further net decline in shops from -299 units in 2013 to -457 in 2014.

Meanwhile leisure stores, including food, beverage and entertainment, continued to grow albeit at a slower rate with  an additional 233 stores on the highstreet in 2014, compared with an extra 311 in 2013.

Charity shops, coffee shops, tobacconists (including e-cigarettes), pound shops and betting shops were among those opening the most branches during 2014.

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”