London Daily

Focus on the big picture.
Monday, Jun 02, 2025

Nearly 50 shops shut down a day in 2022 - up nearly 50% on 2021

Nearly 50 shops shut down a day in 2022 - up nearly 50% on 2021

More shops closed their doors for good in 2022 than at any other point for at least five years, taking about 150,000 jobs with them.
Close to 50 shops shut down every day in 2022, more than at any other point for at least five years.

In a bruising year for retail, 17,145 shops closed last year - up by nearly 50% on 2021, when 11,449 shops shut.

Analysis by the Centre for Retail Research found about 47 sites shut up shop for the last time every day last year.

As shops shut, jobs went with them. More than 151,000 retail jobs were lost in the UK last year, including from online retailers - an increase of more than 45,000 on the year before.

The group's survey found that a little over 5,500 of the shops went under, while more than 11,600 of them were closed as a larger chain decided to cut its costs.

The Centre for Retail Research's director, Professor Joshua Bamfield, said: "Rather than company failure, rationalisation now seems to be the main driver for closures as retailers continue to reduce their cost base at pace."

He said the trend was likely to continue this year, but added that a few "big hitters" could also go under.

The researchers found there had been a 56% drop in shops being closed because larger retailers - with 10 or more sites - went out of business.

They said that many of the chains that were going to fail already had in recent years. But Joules, McColl's and TM Lewin among others still went under.

The real estate adviser Altus Group said that retailers and landlords would have to pay close to £1.1bn from April 1 to cover the business rates on empty sites. These are sites that have been empty for three months.

Robert Hayton, UK president at Altus Group, said: "Rate-free periods need to be urgently extended to reflect the time that it actually takes to re-let vacant properties.

"The current woes facings the retail sector, driven by the war in Ukraine, mean that empty rates are ripe for modernisation."
Newsletter

Related Articles

0:00
0:00
Close
Ukraine Executes Long-Range Drone Strikes on Russian Airbases
Conservative Karol Nawrocki wins Poland’s presidential election
Study Identifies Potential Radicalization Risk Among Over One Million Muslims in Germany
Good news: Annalena Baerbock Elected President of the UN General Assembly
Apple Appeals EU Law Over User Data Sharing Requirements
South Africa: "First Black Bank" Collapses after Being Looted by Owners
Poland will now withdraw from the EU migration pact after pro-Trump nationalist wins Election
"That's Disgusting, Don’t Say It Again": The Trump Joke That Made the President Boil
Trump Cancels NASA Nominee Over Democratic Donations
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OnlyFans for Sale: From Lockdown Lifeline to Eight-Billion-Dollar Empire
Mayor’s Security Officer Implicated | Shocking New Details Emerge in NYC Kidnapping Case
Hegseth Warns of Potential Chinese Military Action Against Taiwan
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Jamie Dimon Warns U.S. Bond Market Faces Pressure from Rising Debt
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Taylor Swift Gains Ownership of Her First Six Albums
Bangkok Ranked World's Top City for Remote Work in 2025
Satirical Sketch Sparks Political Spouse Feud in South Korea
Indonesia Quarry Collapse Leaves Multiple Dead and Missing
South Korean Election Video Pulled Amid Misogyny Outcry
Asian Economies Shift Away from US Dollar Amid Trade Tensions
Netflix Investigates Allegations of On-Set Mistreatment in K-Drama Production
US Defence Chief Reaffirms Strong Ties with Singapore Amid Regional Tensions
Vietnam Faces Strategic Dilemma Over China's Mekong River Projects
Malaysia's First AI Preacher Sparks Debate on Islamic Principles
White House Press Secretary Criticizes Harvard Funding, Advocates for Vocational Training
France to Implement Nationwide Smoking Ban in Outdoor Spaces Frequented by Children
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
Russia's Fossil Fuel Revenues Approach €900 Billion Since Ukraine Invasion
U.S. Justice Department Reduces American Bar Association's Role in Judicial Nominations
U.S. Department of Energy Unveils 'Doudna' Supercomputer to Advance AI Research
U.S. SEC Dismisses Lawsuit Against Binance Amid Regulatory Shift
Alcohol Industry Faces Increased Scrutiny Amid Health Concerns
Italy Faces Population Decline Amid Youth Emigration
U.S. Goods Imports Plunge Nearly 20% Amid Tariff Disruptions
OpenAI Faces Competition from Cheaper AI Rivals
Foreign Tax Provision in U.S. Budget Bill Alarms Investors
Trump Accuses China of Violating Trade Agreement
Gerry Adams Wins Libel Case Against BBC
Russia Accuses Serbia of Supplying Arms to Ukraine
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
Chinese Woman Dies After Being Forced to Visit Bank Despite Critical Illness
President Trump Grants Full Pardons to Reality TV Stars Todd and Julie Chrisley
Texas Enacts App Store Accountability Act Mandating Age Verification
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Vatican Calls for Sustainable Tourism in 2025 Message
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
×