About 14 shops are closing every day across UK high streets, according to a report by accountancy firm PwC. The first half of 2018 saw a net loss of 1,123 stores from Britain's top 500 high streets, marking the toughest trading climate in five years.
Fashion and electrical stores were hit hardest as consumers increasingly shop online. The collapse of Maplin in February led to 50 store closures, while restaurant chains such as Jamie's Italian, Prezzo, and Strada also shut outlets after rescue deals. Pubs saw a net decline of 99.
London was the worst-affected region, with 716 closures and only 448 openings. No UK region recorded a net gain in store count. Cities including Newcastle, Nottingham, Leeds, and Reading also suffered significant net losses.
Retailers face a 'perfect storm' of pressures: reduced consumer spending, rising minimum wage, and business rates. In the Budget, Chancellor Philip Hammond announced £900m to cut business rates for 500,000 small retailers and a new tax on online firms. However, the British Retail Consortium called for 'wholesale reform', describing the measures as 'tinkering around the edges'.
Minister Jake Berry said the government is determined to help high streets thrive, citing a £675m fund and a task force led by retail expert Sir John Timpson.
