Gulf between High Street openings and closures doubles
From a peak of over 20 store closures a day in the first six months of 2012 to 18 per day in the same period in 2013, the rate of store closures fell again to 16 per day in the first half of 2014, according to PwC research.
However, year-on-year, the gulf between openings and closures has widened as withdrawal levels remain high alongside significantly fewer debuts.
The study of 500 town centres across the UK shows that in H1 2014, 3,003 outlets closed compared to 2,597 openings, a net reduction of 406 shops.
This is almost twice as high as the net reduction in H1 2013 (209) when 3,157 stores opened and 3,366 stores closed. The H1 2014 gulf is also larger than the net closure rate of 371 for the whole of 2013 (6,033 closures vs 5,662 openings).
Betting shops, coffee shops, banks, pound shops, charity shops, convenience stores and American restaurants were among those opening the most outlets during the first half of 2014.
Meanwhile, building societies, video libraries, pawnbrokers, mobile phone shops, men’s clothing shops and fashion shops have been amongst the hardest hit.