UK retail store closures 2018-2024
An estimated 8,543 retail stores in the United Kingdom closed throughout 2024. This was a slowdown increase from 2024, during which 10,494 stores closed.
Retail in the UK
Despite almost consistent annual growth, the popularity of high-street shopping is in decline. While the COVID-19 pandemic accelerated the growth of online shopping, high-street footfall was in decline before the virus became part of the social lexicon. Brick and mortar shops in the UK struggle to compete with both price-cutting establishments and the world of online retail. According to the source, physical shops lost 12.6 percent of their market between 2006 and 2019. Retailers are looking to maintain their profitability through job cutting, and the closure of many smaller outlets.
COVID-19 and e-commerce
Online retail has seen astronomical growth in recent years and was given a helping hand by consumers stuck at home during pandemic lockdowns. Online retail sales skyrocketed in 2020 and 2021, a trend expected to continue into 2022 given that internet sales now account for around a quarter of all retail sales in Great Britain. Additionally, the new home-working reality of everyday life now means that workers are spending less time in retail areas near their workplace where they would normally spend lunch times or pick up bits and pieces traveling to and from the office five days a week.
