More than 6,000 retail premises have vanished in England and Wales over the past five years, according to new research. However, the figures also reveal signs of recovery for UK high streets and shopping destinations.
Net Reduction of Retail Properties
Analysis of Valuation Office Agency data by tax firm Ryan found a net reduction of 6,045 retail properties since the end of 2020. London recorded the largest five-year regional reduction, with 1,266 sites disappearing, followed by the South East (-1,191), North West (-719), and North East (-672). These properties have either been demolished or converted for alternative use, such as housing.
Signs of Recovery
Despite the overall decline, the data shows that more than 13 retail stores opened each week over the past year. At the end of 2025, there were 507,810 retail premises across England and Wales, representing a net increase of 723 compared with a year earlier. Property numbers increased in every region except the North West, which saw a decline of 41.
Ryan noted that numbers have been boosted as retail real estate firms like Hammerson have converted large empty units, often former department stores, into a greater number of smaller units. Other retailers, such as John Lewis, have abandoned plans to transform retail property into rental accommodation.
Ongoing Challenges
The report warns that the retail sector still faces pressure from higher business rates, rising labour costs, and consumer financial concerns. Alex Probyn, practice leader for Europe and Asia-Pacific property tax at Ryan, said: “The pandemic accelerated structural changes that were already emerging across the retail sector, including changing consumer behaviour, hybrid working patterns, and a reduced reliance on traditional retail floorspace in many locations.”
He added: “Many locations were arguably over-retailed before Covid and high streets have evolved towards more mixed-use environments, with retail space being rebalanced alongside growing demand for residential, leisure, hospitality, and service-led uses.”
Probyn also cautioned: “The revaluation outcome does suggest a large proportion of retail premises have seen bigger increases in their assessments than underlying market conditions and rental evidence would have led occupiers to expect. Retailers should therefore carefully review and, where appropriate, challenge their assessments.”
Retail Sales Decline
The news comes after the Office for National Statistics (ONS) reported that the total volume of retail sales fell by 1.3% in April, the largest drop since May 2025 and heavier than the 0.6% decline expected by economists.
