{$inpagemarkup}

Search News

Results: 51-60 of 697


Greeting Card Association expresses concern on new evidence Royal Mail prioritising parcel deliveries over letters.

6 Mar 2024

The Greeting Card Association has reacted to a BBC Panorama programme lifting the lid on Royal Mail management prioritising parcel delivery over letters, which it says are in contradiction of... Read more…

Kate Bush named as Record Store Day ambassador.

4 Mar 2024

Pop star Kate Bush has been announced as an ambassador for this year's Record Store Day, on 20 April.
Read more…

Shortlist for Independent Bookshop of the Year 2024 revealed.

4 Mar 2024

The British Book Awards has announced its shortlist for Independent Bookshop of the Year. 
Read more…

Local Bike Shop Day 2024 confirmed for Saturday May 4th.

4 Mar 2024

The ACT is happy to confirm the date for Local Bike Shop Day 2024 as Saturday 4 May, the weekend of the early May Bank Holiday.
Read more…

New research reveals the best cities in the UK for independent retailers.

4 Mar 2024

Research by global fintech company SumUp has revealed the best cities in the UK for independent businesses.
Read more…

Rising costs continue to impact hair and beauty sector

21 Feb 2024

The latest quarterly State of the Industry survey from the National Hair & Beauty Federation (NHBF) shows that the recovery of the sector was slow and steady through 2023 and into January... Read more…

UK votes for its favourite pun-based shop name

21 Feb 2024

The UK has voted for its favourite pun-based shop name, and 'Sew It Seams' - a clothing alteration store in Belfast - has been awarded the top spot. 
Read more…

Town centre shops praise council for initiatives

21 Feb 2024

Businesses in the Devon town of Ottery St Mary have praised their local council for initiatives designed to help support them and boost trade.
Read more…

Three UK indie coffee shops named among the most popular in the world.

19 Feb 2024

A new ranking of the most popular independent coffee shops in the world has put three UK cafes in the top 10.
Read more…

Age-friendly businesses could revitalise Britain's high streets.

19 Feb 2024

Older people could be the financial shot in the arm needed for Britain’s high street, according to research commissioned by the University of Stirling. 
Read more…

Back to news menu

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.

Back to news menu

Useful links

If you have any other queries please contact us.