The number of store closing leapt to its highest level for five years in 2022.
Analysis from the Centre for Retail Research found that 17,145 stores closed: 49% higher than in 2021.
It found 5,509 shops were closed because retailers ceased trading while 11,636 were shut as part of cost-cutting programmes.
‘Rather than company failure, rationalisation now seems to be the main driver for closures as retailers continue to reduce their cost base at pace,’ says Joshua Bamfield, CRR director.
He forecast the trend to continue in 2023, adding ‘A few big hitters may well fail, too.’
The CRR also said that 151,474 retail jobs across the UK were lost in 2022, including those from online retailers, a rise of 43%.
