Almost 14 shops are closing every day as the UK High Street faces their toughest trading in five years.
In the first six months of the year, a total of 1,123 stores have disappeared from Britain’s top 500 high streets. It is said that fashion and electrical stores had suffered the most due to customers going online. Restaurants and pubs are also struggling with less people going out for meals.
Accountancy firm PwC said that London is the worst-hit region and wales has got the lowest number of closures.
Lisa Hooker, consumer markets leader at PwC said, “Looking ahead, the turmoil facing the sector is unlikely to abate,”
“Store closures in the second half of the year due to administrations and company voluntary arrangements (a form of insolvency) already announced will further intensify the situation.”
According to PwC, 2,692 shops shut across the UK in the first half of 2018. Greater London has the largest number of store closures of any UK region with 716 closing. Other cities that suffered included Leeds, which opened nine stores but closed 35, and Reading where there were 39 closures and only 18 openings.
Retailers are facing problems due to customers limiting their spending and do most of their shopping online. This means retails are struggling to pay their rents and rising wages.
Last month’s Budget, Chancellor Philip Hammond promised to spend £900 million on reducing the business rates bill of 500,000 small retailers by a third. He also promised a new tax for online firms that employ fewer staff and pay far lower business rates.
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