We have some very welcome news here today as it has been disclosed that retail store closures across Great Britain and Northern Ireland fell to their lowest levels in five years last year, with the rate of closures at its slowest since 2014.
Rate Of Closures Down To Around 32 Per Day
Overall there were just over 11,500 retail outlets that closed in 2022 from places such as retail parks, high streets and shopping centres. In 2021 there were well over 17,000 closures across Great Britain, so this is a significant decrease in the rate. Looking at the data on a daily basis the rate of closures last year was around 32 per day on average, whereas the previous year they were closing at the rate of nearly 50 a day.
And as well as the rate of closures of businesses decreasing, the rate of retail outlets opening for business was at its highest since 2019. There were over 7,900 new openings last year, which equates to approximately 22 per day.
Unfortunately The High Street Is Faring The Worst Of All
Of the 3 areas where retail outlets are normally found it was the high street which was suffering the most with its rate of closures. Next came the shopping centres with the retail parks faring the best when it came to closures. The health of the retail sector is a very good indicator of how the economy and society is faring overall, so this is very good news indeed but there is still quite a way to go.
Speaking about this report, Cara Haffey, PwC Northern Ireland partner and private business leader, is quoted in an article on the Business Sale Report website, saying:
“It’s great to see positive news for retailers across the UK and we’ve also seen encouraging post pandemic retail recovery in Northern Ireland.”
“There’s been continued investment in the high street locally with big name brands choosing to open first time outlets here. There’s also been a rise in out of town retail parks across NI.”
“So from household fashion and beauty brands entering the market to empty units being taken over by new leisure offerings, we’re seeing evidence that consumers want to spend in the post pandemic climate.”
So we have had a week of positive news which is always great to hear, we hope you all have a lovely weekend and we will be back with another blog article early next week.