A new report has indicated that Britain’s chain retailers closed a combined average of 14 stores each day in 2011, adding to worries about the state of UK high streets.
Data compiled by accountancy firm PricewaterhouseCoopers (PwC) and the Local Data Company revealed that the number of chain outlets in town centres dipped by 0.25 per cent in 2011, its first-ever overall decline. The number of charity shops and budget stores continued to rise, however.
Almost 15 per cent of chain shops in north-east England closed their doors last year – the biggest fall of any UK region – while 101 shut down in Greater London. South-east England fared better, with just five closing down.
“A common feature of retailers in distress who we are dealing with is that they have too many locations,” said PwC insolvency partner and retail specialist Mike Jervis. “Where over expansion has already taken place, retailers need to face that reality and formulate a strategic plan in partnership with landlords.”
Last week, Sainsbury’s chief executive Justin King denied that supermarkets were to blame for the recent decline of the British high street.
