Around 35 British shops shut their doors each day last year amid continued pressure on the high street, according to new figures.
However, the data showed a lower number of closures than 2023 as many firms reported resilient spending from customers.
Data from PwC found that 12,804 retail stores, leisure venues and service outlets closed in 2024.
The financial services firm found there was a net drop of 3,802 stores across high streets, retail parks and shopping centres over the year, after 9,002 new venues opened their doors.
The figures nevertheless indicated an improving situation on the high street, after 14,801 closures in 2023.
However, the number of new openings was also slightly lower than in 2023, when 9,138 new venues opened in England, Scotland and Wales.
Convenience stores and coffee shops helped to drive new openings in 2024, the data showed.
During the year, there were 171 net new convenience stores, as major supermarket chains focus on rolling out smaller format stores.
Meanwhile, 105 new coffee shops opened, with a mixture of out-of-town and drive-thru outlets targeting consumers on the move.
However, there was a 396 net reduction in the number of bank branches and financial service firm stores as they shifted more operations online.
Jacqueline Windsor, head of retail at PwC UK, said: “Our latest store openings and closures insights indicate a cautious optimism for the retail sector.
“This creates opportunities for stakeholders to seize momentum and unlock growth by tackling market challenges and capitalising on evolving consumer behaviours.”
Zelf Hussain, restructuring partner at PwC UK, said: “Although store closures declined in 2024 compared to the previous year, retailers continue to face significant challenges in 2025.
“While household finances are improving, consumer confidence remains cautious.
“Additionally, with substantial payroll cost increases and higher business rates taking effect in April, profit margins will remain under pressure, further straining high street retailers.”
