2024 UK store closures hit 2nd-lowest level in 10 years: PwC

23 Mar '25

2 min read

2024 UK store closures hit 2nd-lowest level in 10 years: PwC

Pic: Adobe Stock

Insights

Around 35 British shops closed each day last year amid continued pressure on the high street—a drop from 2023 figures and the second fewest closures in a decade, PwC data show.
Closures were only lower in 2022.
A total of 12,804 shops and outlets belonging to multiples and chains exited UK high streets, shopping centres and retail parks last year.
New openings were also a bit lower than in 2023.

Around 35 British shops closed each day last year amid continued pressure on the high street—a drop from 2023 figures as many firms reported resilient spending from customers, and the second fewest closures in a decade, according to new data from PwC. Closures were only lower in 2022.

A total of 12,804 shops and outlets belonging to multiples and chains (those with five or more outlets) exited UK high streets, shopping centres and retail parks last year, the financial services firm said in an insights piece.

There was a net drop of 3,802 stores across high streets, retail parks and shopping centres across the United Kingdom over the year, after 9,002 new venues opened their doors.

Though the data indicated an improving situation on the high street following 14,801 closures in 2023, the number of new openings was also slightly lower than in 2023, when 9,138 new venues opened in England, Scotland and Wales.

This year’s results show higher net closures in the South and East of the England, while Wales, Scotland and the North West have seen fewer net closures.

The statistics reflect a cautious optimism for the UK retail sector, Jacqueline Windsor, head of retail at PwC UK, said.

“This creates opportunities for stakeholders to seize momentum and unlock growth by tackling market challenges and capitalising on evolving consumer behaviours,” she noted.

Fibre2Fashion News Desk (DS)

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