{$inpagemarkup}

Search News

Results: 51-60 of 683


Convenience Stores Top List of Services that Promote Local Growth

22 Jul 2024

The nation’s local convenience stores are the number one service for promoting local growth, according to new findings.
Read more…

Business rate reform called for as industry reacts to landslide Labour election win

9 Jul 2024

Following Labour’s general election win, the retail industry has stressed the need for a business rates overhaul to protect high streets across the country.
Read more…

Bira calls on new Labour government to prioritise independent retail sector

9 Jul 2024

Following Labour’s landslide Election victory, Bira, the British Independent Retailers Association, has urged the new government to make good on its promise of change by prioritising the... Read more…

Much loved toyshop saved by owner's daughter

9 Jul 2024

A much-loved toy shop in Aberystwyth that was facing closure has been saved after the former shopkeeper's daughter decided to take over the reins.
Read more…

Inverness-based retailer wins coveted Drapers Award for Best Independent Footwear Retailer

9 Jul 2024

A family-owner retailer in Inverness, Begg Shoes, has been named Best Independent Footwear Retailer at the 2024 Drapers Footwear Awards, held annually to celebrate the outstanding achievements... Read more…

'Pay-as-you-feel' barber wins hairdressing award

9 Jul 2024

A man who offers "pay-as-you-feel" haircuts has been named the UK's best barber.
Read more…

The Times publishes its list of the seven best shopping streets in the UK

24 Jun 2024

The Times has just published its list of the seven best shopping streets in the UK.
Read more…

Indie retail village wins Hospitality Hero Velvet Award for 2024

24 Jun 2024

An independent retail village in Ely that celebrates its one-year anniversary this month has won the Hospitality Hero Velvet Award for 2024.
Read more…

Bike shop owner slams police’s “abject apathy” after three shops broken into in one night

24 Jun 2024

A cycle shop owner has criticised the police’s “abject apathy” towards bike theft after thieves attempted to break into his store for the second time in a year, on the same... Read more…

A simple comparison of the General Election manifestos

24 Jun 2024

With less than three weeks to go until the General Election, Bira has produced a simple table comparing manifestos for Labour, Conservatives, Liberal Democrats, Green Party and Reform UK, and... 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.