Multiple retailers last year closed more stores than they opened for the first time since 2008, with 14 shops a day closing, a study has revealed.
The report, by PwC and the Local Data Company, examined 500 town centres in the UK and found those hardest hit were electrical, book, menswear and holiday retailers. Multiple retailers reduced the number of shops in town centres by 174 during 2011, and the closed shops being re-opened were mainly being replaced by charity and pound shops.
Matthew Hopkinson, director of the Local Data Company, said: “In the past, the closures were offset by openings, but 2011 has shown a true decline in multiple retail and leisure outlets across Great Britain. With the move to out-of-town locations and the numbers of closures being announced currently, this decline is likely to continue into 2012 and thus lead to a rise in vacancy rates.”
Christine Cross, chief retail adviser to PwC, said: “Inevitably, the reduction in consumer confidence and growth in online spend has placed pressure on retail return on space. There is no point in paying for space that is not earning its keep.”
