Huge jump in shops closing down in 2022
There was a sharp rise in the number of shops closing on the UK's High Streets, shopping parades, and out-of-town shopping parks in 2022, according to the Centre for Retail Research .Total closures were nearly 50% higher than in 2021, the researchers said.More than 150,000 posts were closed, up 43% compared to the previous year.
However, in 2022 as the economy continued to reopen, the retail sector faced a barrage of challenges. The CRR, an independent research body which provides analysis of retail sector trends, said shops were closing at a rate of 47 per day in 2022. Over the course of the year, large retail chains closed 6,055 shops while 11,090 shops were closed by independents.The number of stores closing because a parent chain with more than 10 stores went under, actually fell, the CRR 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," said CRR director Joshua Bamfield.From April, retailers will receive temporary support from the government with business rates, the tax charged according to the value of the firm's properties. That will be in the form of a 75% discount on business rates up to a limit of £110,000 per business.
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