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Independent Retailers Association warns of difficult year ahead.

8 Jan 2024

The British Independent Retailers Association has said 2024 is anticipated to be a challenging period for shop keepers as economic challenges are still set to bite.
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Indie Retail Christmas Opening Hours

20 Dec 2023

The Indie Retail office will be open as usual (9am-5pm) for the majority of the Christmas period, with some exceptions.
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Bira CEO addresses surge in retail crime on the BBC

19 Dec 2023

Bira's CEO, Andrew Goodacre, took the spotlight on BBC Breakfast this week and later spoke with Nicky Campbell on BBC Radio 5 Live, shedding light on the rise in retail crime and shop theft,... Read more…

Dress shop crowned winner of Cambridge Christmas shop window competition.

18 Dec 2023

Dress shop Pocket Watch & Petticoats in Trinity Street has been crowned the winner in Cambridge BID’s Christmas window competition.
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Bira issues guide to protecting yourself against festive cyber scams

18 Dec 2023

In the age of online shopping, the pursuit of the best deals during the festive season is increasingly common. However, as consumers flock to virtual marketplaces, cybercriminals are seizing the... Read more…

Shoplifting now among the most common crime against small firms

18 Dec 2023

Fresh evidence about the increasing problem of thefts from shops has been revealed amid a warning that organised shoplifting is now among the most common type of crimes against small firms.
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Oldest record shop in Liverpool reopens with museum to celebrate city's musical heritage.

18 Dec 2023

One of the North West’s oldest record shops has reopened after 14 months, creating a small museum to pay tribute to its long-standing musical connections with the city.
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Indie jewellery retailer creates unique gold ‘Key Ring’ for new ITVX series

6 Dec 2023

Bristol and Cirencester-based bespoke fine jewellery retailer Titcombe Bespoke Jewellery, a member of the National Association of Jewellers, has received one of its most unusual commissions... Read more…

Family-owned butcher’s shop hopes 'Mary' will help Wigan families in need of food.

6 Dec 2023

Reynolds’ Butchers in Parbold, near Wigan, have set up a scheme called Mary’s Mince to help people living in the village.
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American Express Shop Small Highlights UK’s Top High Streets for Independent Shops

5 Dec 2023

Research commissioned by American Express Shop Small reveals the top 10 high streets for independent shops in the UK, shining a light on the nation’s small businesses that play... Read more…

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Almost 50 shops in the UK closed for good every day in 2022 – 65% of them independents

Posted on in Business News, Cycles News

Almost 50 shops in the UK closed for good every day in 2022 - more than at any other time in the last five years – according to a new report from the Centre for Retail Research.

Shops closingMore than 17,000 sites - 65% of them independents - closed with the total number of closures nearly 50% higher than in 2021. Consequently, the number of retail jobs lost, in stores and online, also rose as businesses closed or sought to cut costs.

As the economy continued to reopen in 2022 post-pandemic, the retail sector faced a barrage of challenges with prices rising sharply and shoppers cutting back their spending. Costs for retailers also rose, with steep increases in energy and wage bills.

The CRR, an independent research body which provides analysis of retail sector trends, said shops were closing at a rate of 47 per day in 2022. Over the course of the year, large retail chains closed 6,055 shops while 11,090 shops were closed by independents.

However, only around a third of closures were due to insolvencies, according to the CRR.

The number of stores closing because a parent chain with more than 10 stores went under, actually fell, the CRR said. Closures in that category were 56% lower in 2022 than in 2021, but included some high-profile names, including M&Co, Joules, McColls, Sofa Workshop and TM Lewin.

Nearly a third of the closures were branches of chains which were closing some of their sites to save money and rationalise the business. Some, such as Marks and Spencer, simultaneously opened new branches in different locations.

More than a third of closures were independent shops which decided to wind up their business, also classed as rationalisation.

"Rather than company failure, rationalisation now seems to be the main driver for closures as retailers continue to reduce their cost base at pace," said CRR director Joshua Bamfield.

He expected the trend to continue in 2023, he said, although "a few big hitters may well fail too".

From April, retailers will receive temporary support from the government with business rates, the tax charged according to the value of the firm's properties. That will be in the form of a 75% discount on business rates up to a limit of £110,000 per business.

Shops standing vacant are exempt from rates altogether for three months. After that, however, they are subject to the full rate charge, and are not eligible for the 75% discount.

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