Stores are closing at their slowest rate since 2014 as the post-pandemic bricks and mortar retail recovery picks up, a study has found.
Accountancy firm PwC also calculated that net closures are at their lowest level in five years, and pointed to strong performances in retail parks in the research it compiled with the Local Data Company.
The research showed a total of 11,530 chain outlets (businesses with five or more sites) exited high streets, shopping centres and retail parks in Great Britain last year.
That covers various tenant types, such as fashion firms, DIY chains, takeaways and restaurants, and the figure marks a significant drop from the 17,219 closures recorded in the prior 12 months when lockdowns were still hammering trade.
In total, closures are now equivalent to 32 per day, with 22 new outlets opening per day.
In greater London last year there were 1208 store openings, compared with 1857 closures, which is an improvement on each of the prior two years
Confidence picked up as more office workers returned to town centres, and lockdown rules were fully removed.
Lisa Hooker, industry leader for consumer markets at PwC , said: “It is great to see how retail and leisure operators are increasing in confidence and investing back into bricks and mortar after a few years of uncertainty across the sector.”
Hooker added that the business rates revaluation coming in, which will lower bills for a number of companies, should “encourage new openings across many locations”.
