The pace of store closures in the UK accelerated in 2022 as Covid-era support measures were withdrawn, with rationalisation rather than insolvency the main reason for shops shutting, according to a study.
The Centre for Retail Research found that more than 17,000 shops closed last year, equivalent to 47 a day, the highest total in five years. The figures are gross and do not take into account new store openings.
The CRR said 11,636 closures were due to rationalisation programmes by large retailers or independents simply shutting up shop for good, while 5,509 were due to some form of insolvency proceedings.
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