High Street stores opening at lowest rate in seven years

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New holds are opening on UK High Streets at their lowest rate in seven years, inspection suggests.

The Local Data Company, which studied the top 500 British community centres, found there were 4,083 new store openings in 2017, the lowest since 2010.

But with 5,855 egresses closing in 2017, a total of 1,772 shops disappeared.

Clothing and shoe shops tight-fisted at the fastest rate, while the number of beauty salons, coffee seeks, ice-cream parlours and bookshops increased.

Lisa Hooker at PwC, which commissioned the investigation, said 2017 had been «tough for the British retail industry, above all the second half of the year».

She said many retailers were increasingly warmth the impact of online shopping, with the fashion business, banking, wanderings agents and estate agents all losing a significant number of outlets as a development.

The failure of wage growth to keep pace with inflation had also faked many shoppers to think more carefully about their shell out habits.

However, Ms Hooker added: «It’s important to remember the British Stiff Street still plays a vital role in society and there are climatic conditions b rudiments of growth amongst the headline numbers of decline.

«For example, almost 400 new dresses shops opened last year, even though over 700 penny-pinching. And, while four pubs a week closed, at the same time three a week opened.»

Inventory closures were unevenly spread across the country. Greater London fared worst, with a net shrinkage of 336 shops, while south-eastern England lost 185 and eastern England missing 184.

Scotland suffered a net loss of 148 shops, while Wales ended the year with 53 fewer shops. No territory of the country saw a net gain.

Lucy Stainton, a senior relationship manager at the County Data Company, said 2018 would be a year when new entrants and uninitiated brands took advantage of the «shake-out» in retail, seeing it as an opportunity to pick up readily obtainable property.

She added: «Businesses with a relevant proposition and a strong pact of their customer can absolutely still thrive in the right locations.

Equally, uncountable established brands who continue to tweak their offer and innovate on the way including will no doubt see positive results and retain their valued luck out a fitting on our High Streets.»

Analysis, Emma Simpson, business correspondent

You power be thinking that retail’s on its knees given the grim headlines these end few months. The high street isn’t dead but it is changing. And these figures gala the shift.

Once again, beauty salons, nail bars and coffee boutiques are filling the gaps. Ice cream parlours are also flavour of the month, for now at scarcely. But the number of clothing stores continues to shrink. The big fashion chains don’t desperate straits as many stores as they once did as shoppers buy more online. Retailers are overlay an array of challenges including rising costs and consumers with teeny money to spend.

What disposable income they do have, less of it is successful into retail. And businesses are having to adapt. 2018 is shaping up to be barely as tough, judging by the first quarter of this year.

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