LDC data shows lowest level of high street store openings since 2010

Local Data Company figures show that new store openings on the UK's high streets have dropped to levels not seen since 2010.

Compared with 2016, new store openings declined by 10% to 4,083 in 2017. This equates to an average opening rate of 11 stores a day. 

Store closures took place at an average 16 per day, with a total of 5,855 during 2017.

Lisa Hooker of PWC, who commissioned the report, said: “2017 was tough for the British retail industry, particularly the second half of the year,” 

“We saw volatility from month to month and across different sectors as wage growth failed to keep up with inflation, forcing many shoppers to think more carefully about their spending habits.

“On top of this, many retailers are increasingly feeling the impact of the acceleration of online shopping as consumers begin to feel more comfortable with the price transparency and reliability of delivery options offered by online players.

“Digital offerings are increasingly becoming make or break in areas like fashion, but also for banks, travel agents and estate agents – all of which closed a significant number of high street outlets last year.

“The winners at the moment, such as nail bars, coffee shops, bookstores and craft beer pubs, are all flourishing because they serve the needs of emerging consumer segments such as experience-seeking millennials, and offer a differentiated physical proposition that online offerings can’t compete with.”

Source : Insight DIY Team
Image : Shutterstock

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