3x more shops closed on the high street
The research showed that 5,839 shops closed in 2014, with 4,852 openings, which is a net reduction of 987 shops. The previous year, the net reduction was 371. The problem here, is the one-two punch of a recession and the increase in internet shopping. The high street just doesn't know what to do.
On the decline, is clothes and shoe shops as well as travel agents, opticians, hairdressers and recruitment agencies. Things that are doing better are basically, places where you can buy food and drink. It goes without saying that pound shops and charity shops are among the businesses that are opening most stores, as well as coffee shops and places that sell e-cigs.
"This year’s numbers expose the harsh impact of macro changes on the high street, especially in certain sub-sectors," said Mike Jervis, insolvency partner and retail specialist at PwC.
"Regulation has blindsided the money shops, the advance of technology has hammered some phone operators and the internet continues to dent the clothing sector. Despite the benign economy, the net loss of shops has accelerated."