POLL OF THE DAY: Is it time the Government did more to save the British High Street?
WATCH NOW: Mike Parry sees 'total devastation' for the high street
GB NEWS
After 13,000 high street stores were shuttered for good last year, GB News asks its members if the Government need to do more to help.
New figures compiled by the Centre for Retail Research showed that UK retail store closures jumped by more than a quarter on the previous year.
Experts also predicted that even more stores will close this year as the hike to National Insurance Contribution from Rachel Reeves's £40billion tax-hiking Budget sets in.
The Centre for Retail Research found that the equivalent of 37 stores shut their doors for good every day, totalling 13,479 through 2024.
The provisional data showed that the vast majority of closures were small independent retailers, which have seen Covid-era financial support cut back.
The split between independent and chain stores was stark, with 11,341 not being associated with major companies.
Meanwhile, 2,138 stores were shut by larger chains over the year.
Around half of all closures came as a result of retailers undergoing some form of insolvency proceedings.
HMV closed on the High Street, Worcester.
PA
Major chains who were impacted by insolvency issues ranged from Ted Baker to Homebase.
Cost-cutting measures from giants such as Boots and Shoe Zone also left a mark on the demise of the British high street.
Professor Joshua Bamfield, director of the Centre for Retail Research, said: “Whilst the results for 2024 show that although the outcomes for store closures overall were not as poor as in either 2020 or 2022, they are still disconcerting, with worse set to come in 2025.”
Estimates for 2025 indicate that as many as 17,350 stores could close this year.
Britain's high streets have been hit by a wave of bank branch closures PACommercial real estate firm Altus Group said the cut in the business rates discount from 75 per cent to 40 per cent in April announced at the 2024 Autumn Budget will see the average shop’s rates bill spiral.
Estimates indicate that the cost will likely surge from £3,589 to £8,613 for 2025/26.
Alex Probyn, president of property tax at Altus, said: “Despite Labour’s manifesto recognition of the undue burden business rates place on our high streets, that burden will be significantly increased.”
However, the Co-op handed the UK high street a slight boost after announcing plans to open 75 new stores this year.
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