Nearly 5,000 stores shut across Britain last year, with closures outpacing new openings despite a rise in new sites from thriving chains like Greggs, Domino's and Costa, according to data from PwC and the Local Data Company. The net fall of 4,792 shops, or 14 per day, came from 14,000 total closures, averaging 39 per day.
Major casualties included fashion chains M&Co and Joules, stationer Paperchase, general store Wilko and pub group Stonegate. Meanwhile, discount retailer Aldi, coffee chains Costa and Starbucks (with many drive-throughs), and fast food chains Greggs and Domino's led new openings.
Hospitality saw a rebound with 9,138 new stores opened in 2023, the most since 2019, but closures from one-off restructures and failures of big retail firms pushed the net figure negative. Retail parks and discount supermarkets outside city centres fared better, while petrol stations benefited from EV charging installations.
Lucy Stainton, commercial director at the Local Data Company, welcomed the rise in openings, attributing it to firms repositioning portfolios and taking advantage of flexible rental markets. Senior retail adviser Kien Tan at PwC noted that 2023 closures were largely due to one-off failures, with net closures higher than 2022 but lower than 2017-2021.
Locals in towns like Waterlooville, Hampshire, expressed sadness over the loss of stores such as Waitrose, Wilko, Game and Peacocks, leaving their high streets with limited options beyond charity shops and cafes.
