Nearly 7,000 store closures have taken place in the UK the first six months of this year alone, according to the latest market research from PwC.
Britain's high streets, retail parks and shopping centres are being decimated with shops and chains shutting down at a rate of 38 closures per day.
Pub, pharmacy and bank branch closures are making up around half of all closures in 2024, based on PwC's data.
Between January and June, nine banks, 16 pubs and 18 chemists have closed every week on average.
Despite these closures, only three three convenience stores and one café chain are opening in their place.
This is indicative of the changing landscape of the British high street which is increasingly becoming sparse of store options.
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High streets have been hit by a wave of store closures since the pandemic, on top of banks shutting down PANotably, after ken into account store openings, the economy has only experience net closure of 12 stores a day.
However, this comes in slightly higher than the same period last year of 11 net closures daily.
Even with store closures ramping up on paper, less than three in five of PwC’s 100 outlet categories are in decline which indicates the retail economy is in its most stable position in six years.
The number of categories in growth has risen to almost 30 per cent, nearly twice as high as during the pandemic period.
Lisa Hooker, the leader of Industry for Consumer Markets at PwC UK, outlined the current state of the high street economy and the future consumers should expect.
She explained: "It’s clear that online retail is here to stay, outpacing physical stores annually.
"As more brands invest in data and really understand their customer, new space increasingly seeks to meet customer trends for convenience, ease of access and fun, creating spaces that feel exciting for consumers to step into.
"All stakeholders, including policymakers, landlords and communities, have a role to play. while some consumer touch points, like grabbing a last minute present or a coffee can’t be replaced online, the high street will need to continue to evolve for a tech-savvy generation with new living, working and playing habits.”
High streets and shopping centres have both experienced a sharp fall in footfall in recent years which has continued throughout 2024.
Retail parks are the only location-type to not experience this, showing an improvement in footfall in each of the last year except for April.
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Bank branch closures are continuing at an 'alarming rate', according to Which?GETTY Rick Jones, PwC's leader of Hospitality, highlighted that there are new opportunities for businesses going forward despite this trend of store closures.
He said: "How consumers choose to prioritise their pounds and take up their time has changed. There’s been a continued shift, with consumers seeking new experiences and spending more time with friends and family.
"This should be welcome news for the hospitality sector. However, our data shows continued net closures in the first half, particularly for those businesses hardest hit by energy and labour cost inflation.
"Put simply, adapting to these changes has become an existential matter. As the high street continues to evolve, there will be even more opportunities for new operators to make their mark.”
