Data: 2024 store closures hit second-lowest level in a decade

Net shop closures across the UK stabilised in 2024 as openings across retail parks accelerated and the rate of closures across high streets and shopping centres slowed.

Last year, closures across chain retail stores, leisure venues and service outlets fell 13.5% year-on-year to 12,804, according to data from PwC and Green Street.

These closures, which equated 35 per day, were the second lowest recorded level over the last decade, behind 2022, and stood at 3802 in net terms.

Store openings over 2024 edged down 1.5% year-on-year to 9002, averaging at 25 per day. Convenience and coffee shops were the primary drivers of store openings during the year, registering a net uplift of 171 and 105 respectively.

Chemists, fashion stores and home décor outlets were the biggest drivers of store closures in the year, comprising 604, 199 and 152 net  closures respectively.

Retail parks also recorded a net uplift in store openings of 0.1% year-on-year – down 3% from 2014 levels.

High street and shopping centre openings declined 2.4% and 1.2% respectively – although this was a slower rate of net closures than the previous year.

On a ten-year basis the number of shopping centre chain outlets has plunged by a quarter, while the number of high street outlets has dropped nearly 30%.

PwC UK head of retail Jacquelline Windsor said: “Our latest Store Openings and Closures insights indicate a cautious optimism for the retail sector. This creates opportunities for stakeholders to seize momentum and unlock growth by tackling market challenges and capitalising on evolving consumer behaviours.”

“Whether it be investing in technology to enhance the consumer experience or drive productivity improvements, 2025 could be a big year for retailers who are smart about how they play in the market”.

The company’s UK restructuring partner Zelf Hussain added: “Although store closures declined in 2024 compared to the previous year, retailers continue to face significant challenges in 2025.

“While household finances are improving, consumer confidence remains cautious. Additionally, with substantial payroll cost increases and higher business rates taking effect in April, profit margins will remain under pressure, further straining high street retailers.”

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