High Streets lose 14 shops a day

Friday 17th February 2012

Multiple retailers closed an average of 14 stores a day across Great Britain in 2011, according to research by Price Waterhouse Cooper (PwC) and Local Data Company analysis.

From a net increase in 2009 of 1.2%, multiple retailers have for the first time shown a net decrease of minus 0.25%, a net reduction of 174 shops in 2011.

The data also revealed that across multiple retailers in 500 town centres, bookshops, electricals, home furnishing, menswear, off-licences, bars/pubs and travel shops have been amongst the hardest hit in 2011.

Charity shops, pound shops, shoe shops, bakers, credit unions and supermarkets/convenience stores bucked the trend showing growth during the year.

"A common feature of retailers in distress who we are dealing with is that they have too many locations,” said Mike Jervis, PwC insolvency partner and retail specialist.

“Relatively long leases have been entered into in a growth phase of the economy which are no longer appropriate.


“Electricals and bookshops have suffered as these products are now increasingly bought online but retailers in this sector are typically carrying unnecessarily large property portfolios.

“Retail is increasingly becoming a partnership between the store group, its suppliers and the owners of its locations. Like any partnership that falls on hard times, dialogue involving all partners is key.”

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