More than 17,000 chain store shops closed last year

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More than 17,000 chain store shops closed last year

More than 17,000 chain store outlets closed across Britain last year, according to new research.

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The figures, compiled for the accountancy firm PwC, reflect the rise of online shopping and the impact of the pandemic.

However, the data suggests the rate of closures is slowing as more independent firms take on space.

"The worst could now be over" said Lisa Hooker, head of consumer markets at PwC.

The research was compiled by the Local Data Company, which has been tracking more than 200,000 outlets on High Streets, shopping centres and retail parks operated by businesses with more than five shops.

The figures include retailers, restaurants, bars and gyms as well as banks, takeaways and hairdressers.

As the chart below shows, there was a slight reduction in the number of closures last year, to 17,219. That's an average of 47 stores shutting every day and down from 48 in 2020.

But there was also another sharp drop in the number of openings, which led to a net loss of 10,059 outlets, the biggest fall since 2014.

"There's no doubt that the numbers are stark and 2021 saw an acceleration in net closures across this sector, which in isolation looks dramatic, "said Lucy Stainton, commercial director at the Local Data Company.

The pandemic has accelerated the changes already under way across retail, causing upheaval for many High Streets and town centres.