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King’s speech includes proposed bills to reform retail industry

22 Jul 2024

The King’s Speech in Parliament last week, which outlined 40 draft laws that the government is aiming to pass in the coming parliamentary session, included some that will directly affect... Read more…

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.
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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.
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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.
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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.
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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.
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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.
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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…

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Almost 2,000 more independent shops left empty in the first half of this year

Posted on in Business News

Almost 2,000 more British independent shops were left empty in the first half of this year, as small businesses struggled to cope with rising inflation and the cost-of-living crisis.

empty shop

The loss of 1,915 outlets across high streets, shopping centres and retail parks this year unwinds most of the 1,335 net openings in the first half of last year and 804 during the same period in 2021, according to research by the Local Data Company (LDC) and reported by the Guardian.

The biggest rise in vacancies in at least eight years marks a reversal in fortunes for independent outlets after two years of growth. Small firms had thrived from a shift towards local shopping prompted by the pandemic and were also helped by government Covid support on rent and business rates.

Hairdressers were the hardest hit, according to LDC, with net loss of 389 businesses. Estate agents, pubs, fish and chip shops, florists, butchers, newsagents and car dealerships also suffered.

However, the number of barbers, beauty salons and convenience stores continued to expand as demand for cheap treats on the return to offices, schools and socialising increased sales. Independent vape shops and health clubs are also thriving.

The north-east of England and Yorkshire were the worst-hit regions for independent closures, while Greater London fared the best.

Lucy Stainton, the commercial director at LDC, said: “In this year’s macroeconomic environment, it’s our independent businesses that have suffered, especially those high-energy consuming businesses such as hairdressers and pubs.

“We have also seen a decline in independent estate agents as the housing market slowed against a backdrop of rising interest rates. And with newsagents struggling to compete with the increase in convenience stores and their broader offering, this was another subsector to struggle in the first half.”

Stainton said the slew of independent businesses that started up during the pandemic were less likely to have the cash reserves to withstand the economic challenges of high-cost inflation and tightening consumer spending, especially as they had not been trading for very long. Their difficulties have been worsened by a slowdown in government support.

Martin McTague, the national chair of the Federation of Small Businesses, said: “We saw a flourishing of new businesses conceived during the pandemic, which was a real bright spot in a turbulent time, as people suddenly had a chance to put long-held dreams or flashes of inspiration into practice.

“These new additions helped to counterbalance the businesses that sadly had to close as the economic disruption took its toll. News that many of these newer businesses in turn are encountering difficult trading conditions is worrying but not surprising given the huge challenges facing the retail, hospitality and leisure sectors.”

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