Retailers opened the lowest number of new stores for 5 years in the first half of 2016! Just 2153 shops were opened, only slightly higher than 2011’s 1809. Conversely 2656 stores closed their shutters during the same period, meaning that overall 503 stores were lost across the UK, the highest decline since 2012 when 953 shut. The fashion sector was the worst hit losing 87 stores, opening 119 but closing 206. Jewelers, tobacconists, health clubs, and restaurants all thrived in the same period.
The overall number of store openings and closures had sharply declined from 2010’s 7749, to just 4809 in the 6 months till June this year. This was attributed to an increase in online shopping which encourages an “overhaul in retail store strategies”.
22,200 click and collect points have been established throughout the UK due to the rise in multichannel shopping.