The UK’s high streets are facing a wave of closures, with several major retailers shutting down stores in 2024. This trend reflects the increasing popularity of online shopping and the struggles retailers face in the current economic climate.
The Centre for Retail Research reports that nearly 5,000 chain stores closed in 2023 alone. This is attributed to a number of factors, including inflation, a decrease in in-store shopping following the pandemic, and the inability of retailers to sustain underperforming outlets. The high costs associated with maintaining prime locations, which were previously seen as a key factor for success, are now proving to be a significant burden for retailers.
Notable Closures:
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Boots:
The pharmacy chain announced the permanent closure of 300 stores in 2023, with some locations closing by the end of the summer. This includes stores in Putney, Mornington Crescent, and New Bridge Street in London, as well as a store in Palmers Green.*
WHSmith:
The stationery retailer is closing two stores in September, including its Stanley Square location in Sale. This decision is driven by the landlord’s redevelopment plans.*
Starbucks:
Several Starbucks stores have closed this year, including locations in Witney and Murton, County Durham. The chain is shifting its focus to opening coffee shops within supermarkets like Sainsbury’s.*
Wickes:
The DIY retailer recently closed its 30-year-old store in Moore Street, Sheffield. The closure comes on the heels of other store closures in Bristol and Inverness earlier this year.*
Tesco:
The supermarket giant closed its store in Chippenham, Wiltshire, earlier this month. The decision to shut down the store was announced in January, but the closure date was confirmed shortly before the store closed.*
M&S:
A 33-year-old M&S store in Redhill, Surrey, closed its doors in August as part of the retailer’s plan to restructure its UK sites. The store, located in the Belfry Shopping Centre, represents a significant loss for customers in the area.The closures underscore the challenges facing traditional retail in the UK. While online shopping continues to grow, high street retailers are struggling to adapt and compete. The closure of these stores is not just a loss for businesses but also for the communities they serve, impacting jobs and local economies.
