UK Lost 37 Shops a Day in 2024, New Data Reveals.

Nearly 13,500 retail establishments have shut down, representing a 28% increase compared to the previous year, as reported by the Centre for Retail Research.

In 2024, the United Kingdom experienced the closure of approximately 37 retail establishments daily, marking another challenging year for high street businesses, according to available data.

Over the past year, nearly 13,500 retail outlets permanently shut their doors, representing a 28% increase compared to 2023. However, these closures were lower than the annual figures recorded from 2019 to 2022, as indicated by preliminary statistics from the Centre for Retail Research.

The group’s research director, Prof Joshua Bamfield, said: “The results for 2024 show that although the outcomes for store closures overall were not as poor as in either 2020 or 2022, they are still disconcerting, with worse set to come in 2025.”

The research group indicated that they anticipate a further increase in store closures in 2025, projecting the total to reach approximately 17,350, with around 14,660 of these closures attributed to independent retailers.

The ongoing pressure on retailers, especially independent ones, has been a persistent issue for high street businesses, although new challenges are beginning to surface alongside these enduring threats.

According to the commercial real estate firm Altus Group, the proposed reduction in the business rates discount from 75% to 40% starting in April, as announced in the 2024 autumn budget, will exacerbate the difficulties faced by retailers. The firm estimates that the average rates bill for shops will increase significantly, from £3,589 to £8,613 for the 2025-26 period.

“Despite Labour’s manifesto recognition of the undue burden business rates place on our high streets, that burden will be significantly increased,” said Altus’s president, Alex Probyn.

Labour’s general election manifesto pledged to “replace the business rates system [in England], so we can raise the same revenue but in a fairer way”. It added: “This new system will level the playing field between the high street and online giants, better incentivise investment, tackle empty properties and support entrepreneurship.”

In October, the Treasury released a discussion paper outlining the government's approach to fulfilling this commitment during the current parliamentary session.

Recent statistics regarding store closures indicate that in the calendar year 2024, a total of 13,479 retail establishments in high streets, major shopping areas, towns, villages, and small shopping parades permanently ceased operations. This figure represents an increase of 28.4% compared to the 10,494 closures recorded in the preceding year.

Independent retailers, generally defined as small businesses operating between one and five locations, were responsible for 84.1% of all store closures in 2024, with their shutdowns rising by over 45%, according to the Centre for Retail Research. In the prior calendar year, independent retailers accounted for 74.5% of all closures, totaling 7,793 establishments.

Over fifty percent of all retail establishments, totaling 7,537, were closed following various insolvency proceedings faced by retailers. Additionally, 5,942 stores were shut down as a result of "rationalisation" efforts, which were part of cost-reduction strategies implemented by both large retailers and independent businesses that ceased operations permanently.

In 2024, several prominent chains, including Homebase, the Body Shop, Lloyds Pharmacy, Carpetright, and Ted Baker, experienced significant collapses.

This data on store closures was released after the Centre for Retail Research reported on Monday that nearly 170,000 retail employees in the UK lost their jobs throughout 2024.

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The continued decline of the high street in 2024 is a stark reminder of the growing challenges faced by traditional retail. With nearly 13,500 store closures and the anticipated rise in 2025, the outlook remains bleak.

Independent retailers, which make up the bulk of these closures, are particularly vulnerable, with rising business rates further compounding their struggles. Despite promises of reform, the government’s proposed changes offer little immediate relief. As high street businesses shutter and jobs are lost, the vibrancy of local communities is slowly eroded, leaving a landscape that’s increasingly dominated by online giants and empty storefronts.