Sunday, November 18The Voice of London

British high streets see worst shop closures in last five years

Research compiled by the Local Data Company for PwC shows that there has been the largest half-year net decline in high street stores in five years.

Due to the rate of shop closures out pacing shop openings, a net of 1,123 stores have disappeared nationwide.

Greater London is the worst hit of all regions with its high streets losing a total of 268 stores.

The businesses affected the most were those with online competitors.

Pubs and the restaurant sector were particularly affected too, which is due to a shift in preference for eating-in and drinking at home according to the PwC research team.

Lisa Hooker, consumer markets leader at PwC, said:

“Our latest research highlights the challenges facing the retail and leisure sectors on Britain’s high streets.

The continued rate of store closures reflects the new reality that many of us prefer to shop online and increasingly eat, drink and entertain at home. Openings simply aren’t replacing the closures at a fast enough rate. Looking ahead, the turmoil facing the sector is unlikely to abate.

Store closures already announced in the second half of the year due to administrations and CVAs already will further intensify the situation.”

The Voice of London went to Harrow high street to see what people thought about the findings.

 

See also: High street? More like ghost-street

Words & Audio: Adam Kirkman | Subbing: Salvi Shahlaie | Photography: Adam Kirkman

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