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According to recent data from PwC, Britain’s high streets are seeing significant retail closures, averaging 38 stores per day in 2024. When accounting for new openings, this results in a net loss of 13 stores daily. This brings the total number of closures this year to 6,945, or 2,284 on a net basis, factoring in the 25 new stores that open daily.
This net closure rate of 13 per day represents a slight increase compared to the previous three years, where the rate averaged between 11 and 12 closures daily. The shift in consumer behavior towards online shopping post-pandemic has been a major driver of these closures. However, retail parks are emerging as a notable exception, with foot traffic in these areas surpassing that of traditional high streets.
Retail parks are increasingly seen as a refuge amid challenges such as transport strikes and driving restrictions in town centers. Their appeal is bolstered by features such as convenient parking, which enhances their attractiveness compared to high street locations.
Additionally, the evolving use of retail parks reflects changing consumer preferences. Many retail parks are now incorporating leisure, entertainment, and hospitality elements to fill the gaps left by closures during the pandemic. This shift is supported by PwC, which notes that operators are increasingly relocating from high streets to these versatile retail environments.
The hospitality sector, including pubs and bars, has also been affected by these trends, showing the second-fastest decline in outlet numbers after chemists, though ahead of banks and financial services.
Lisa Hooker, PwC UK's leader for industry in consumer markets, observed that online retail continues to grow, outpacing physical stores annually. She emphasized that as brands adapt and better understand their customers, new retail spaces are being designed to meet evolving demands for convenience, accessibility, and engaging experiences.
Hooker also highlighted the need for collaboration among policymakers, landlords, and communities to address these shifts. While some consumer needs, like last-minute gifts or coffee, cannot be fully replaced online, the high street must adapt to meet the preferences of a tech-savvy generation with changing living, working, and leisure habits.
