New research by The Centre for Retail Research has found that 17,145 shops across the country closed their doors for good during 2022 – up by almost 50% on 2021.
The group’s survey also found that over 5,500 of the shops went bust, while more than 11,500 closed as larger chains decided to cut their costs.
The number of retail jobs lost, in stores and online, also jumped as businesses closed or cut costs.
Professor Joshua Bamfield, The Centre for Retail Research’s Director, said: “Rather than company failure, rationalisation now seems to be the main driver for closures as retailers continue to reduce their cost base at pace.”
Professor Bamfield expects this trend to continue during 2023 but also added that ‘a few big hitters may well fail, too’.
