Latest news with #highstreet
The Independent
14 hours ago
- Business
- The Independent
High street bank branches are ‘thriving', Nationwide says
Nationwide Building Society has said its bank branches are 'thriving' with more customers coming through the doors over the past year as rival banks slash their high street network. The building society has pledged to keep all of its nearly 700 branches open until at least the start of 2028. New data from the group revealed that nearly 200,000 more customers used its branches in the financial year to the end of March, compared with the prior year. It comes a day before Nationwide is set to unveil its full-year financial results. Muir Mathieson, Nationwide's chief financial officer, told the PA news agency: 'The branches are thriving. 'We're seeing the number of people going into branches going up, and we think part of that (increase) is that there are fewer branches on the high street now that our competitors have closed theirs.' Nationwide has the second-largest branch network in the UK, behind Lloyds Banking Group. But Lloyds has been making sweeping cuts to its network – with the most recently-announced closures to 136 branches taking place over the next year. Others have been drastically trimming their network, such as Santander announcing in March it would be closing more than a fifth of its high street branches, bringing it down to 349 across Britain. The banks say they are adapting to meet the behaviours of their customers, who increasingly want to do banking on their phones or online and are decreasingly using their high street sites. But Nationwide suggested that UK consumers have been switching their bank to Nationwide so that they can make use of in-person services. Customers want face-to-face contact particularly if they have concerns about fraud, or if they want reassurance about a specific process or account, Mr Mathieson said. 'Interestingly, we get larger Isa balances when people open them in a branch than when they do it online,' he told PA, indicating that people feel more comfortable handling bigger sums of money in a branch. About 40% of Isas were opened in branches last year, and more than 35% of new current accounts, according to data from the building society. About 5.7 million customers visited a branch at least once during the year. Nationwide's branch promise extended to Virgin Money after buying the rival bank for £2.8 billion last year in the biggest banking deal since the financial crisis. When it bought the lender, it paused Virgin's plans to close some of its branches and brought it into the group's branch promise. It has also been working to improve the bank's customer service systems since merging, after chief executive Debbie Crosbie said there were 'challenges' to overcome.
The Sun
a day ago
- Business
- The Sun
We live on the most deprived high street in the UK – people defecate on the road & gangs leave it a no-go zone after 6pm
IT was once the pride of the community, bustling with shoppers stocking up at the local butcher and grocer before grabbing a cuppa at a nearby cafe. Parliament Road in Middlesbrough was at the heart of a working-class community, in a town once famous for its iron and steelworks. 9 9 But this former thriving stretch is now a shadow of its former self as our high streets slowly turn into ghost towns. A startling new report reveals the extent to which the country's traditional shops have been replaced with takeaways, vape and betting outlets, while banks, department stores and even public toilets disappear. Across the UK, vape shops have surged by an astonishing 1,200 per cent since 2014, while the number of takeaways has risen by 24 per cent. In the half-mile stretch of Parliament Road, The Sun counted 15 fast food outlets, from those selling fish and chips to shawarma and Chinese food, plus two betting units, three corner shops flogging vapes and four shuttered stores. One shopper said: 'It used to be beautiful here, but it all started to go downhill in the 2000s.' Unhealthy lifestyles It's a picture repeated across the UK, as out-of-town shopping centres, discount outlets and online giants kill off the high street. The pandemic was the final nail in the coffin, with many local stores forced to shut their doors for good. Experts also point to a country-wide divide, with three times the number of pawnbrokers and twice the number of vape shops in the north compared to the south. One in ten department stores has vanished in some northern towns, compared with a 12 per cent rise in the south. Inside Britain's WORST benefit blackspot with 'Victorian' poverty levels & drug gangs running riot More than two in ten supermarkets have shut in Yorkshire and the Humber, and poorer northern areas have up to three times more bookies. Authors of the Ghost Town report, compiled by Health Equity North, warn that the state of Britain's high streets is promoting unhealthy life- styles in towns already blighted by unemployment and deprivation. The research team, led by academics from Newcastle and Manchester universities, wants the Government to regulate the number of takeaways, off-licences, vape shops and bookies in high streets — and step in to protect pubs, community centres and libraries where locals can meet. 9 9 Middlesbrough was last year dubbed 'Britain's sickest town', with nearly a third of 16 to 24-year-olds jobless. Local council figures revealed that 71 per cent of over-18s in the area were overweight or obese, while 25 per cent of reception class age children were classed as too heavy. Parliament Road is at the centre of a residential area, with rows of terraced houses shooting off the main thoroughfare. Locals say the once tight-knit community has disintegrated over the years as local shops have vanished. In March this year alone, 23 crimes were reported in the area — ten were violent or sexual offences. Shopper Elizabeth Gray, 40, a carer who lives nearby, told how the area started its decline before Covid. She said: 'I've seen people defecating on the street. It's so run down. 'The street started to decline a while ago, well before Covid, and it's all takeaways and charity shops now. 'It used to be beautiful here. 'There was a butcher's shop, a pram store and a florist. 'Crime is rife now, too. I was burgled and reported it to the police. I've seen people defecating on the street, it's so run down. Elizabeth Grey 'I started spotting kids wearing my children's clothes and saw my ornaments in other people's homes. But the police said they couldn't do anything about it.' Saqib Anwar, who works at the local Food Maestro fast food shop, says some restaurants are shifting up to 500 takeaways a day. The 26-year-old explained: 'It used to be a treat, but now it's all the time. Families are ordering takeaways every single day — for breakfast, lunch and dinner.' Retired barman Brian Mahony, 66, said Parliament Road once had so many shops that locals did not need to go into town. He added: 'It was like a community. We had a butcher and a fruit shop, and you could buy anything you wanted. Now it's takeaways and vape shops. "We were tight-knit here, but there's been a lot of immigration issues and we have gangs of men who stand on the street, chew on sunflower seeds and spit them out on the pavement. 'Lots of elderly people feel intimidated and don't leave their homes after 6pm.' Brian agreed with the report's findings of a north-south divide. 'We feel forgotten' He said: 'Down south, they put more money into high streets and make sure their local food stores keep going so people have fresh food. We feel forgotten about.' Arthur Thompson, 75, who owns The Hardware Store on the ailing street, said: 'It was a lovely high street back in the day. 'Now there are shops selling vapes to children and takeaways selling unhealthy food. We've got a small Tesco Express, but it's expensive and people can't afford to shop there. 'The council tries to support small businesses, but it's been tough since Covid. 'People no longer come to the high street because they're used to shopping online.' The report also reveals that the number of supermarkets in Britain has fallen by ten per cent nationally, while every local authority across the country has lost between nine and 34 per cent of its retail units since 2014. 9 9 9 It has been compounded by the demise of major chains such as BHS and Debenhams. Adam Todd, professor of pharmaceutical public health at Newcastle University, who helped draw up the report, said: 'For generations, the high street has been the beating heart of our towns and cities — places we can go to shop, eat, meet friends and feel part of our communities. 'Today, they feel like a shadow of themselves. Now it's takeaways and vape shops. We were tight-knit here but there's been a lot of immigration issues and we have gangs of men who stand on the street. Brian Mahony 'Community amenities and services such as banks, pharmacies and department stores are vanishing, to be replaced by unhealthy fast food takeaways, vape shops and bookmakers. 'Protecting these spaces for the next generation isn't just about restoring them to some nostalgic vision of town centres past. 'We need to respond to changing habits and offer more pedestrianised and attractive spaces — places where people will want to gather, socialise and enjoy a sense of place.' Big-name shops we have lost WH SMITH is the latest famous name to be erased from Britain's high streets. It will be rebranded TG Jones after hundreds of shops were sold in a £76million rescue deal in March this year. The 233-year-old company offloaded part of its business to Modella Capital, which owns Hobbycraft, but will continue its lucrative travel arm, with shops at airports and railway stations. And it is far from the only big name to face problems or vanish entirely from our ailing high streets over the past decade. WOOLWORTHS THE pick-n-mix giant fell into administration in 2008 and closed its 807 stores in January the following year with £385million of debt. Around 27,000 people lost their jobs. Most of the premises were bought by Poundland and Iceland. DEBENHAMS THE department store left the high street for good in 2021 after struggling to recover from the pandemic. It fell into administration first in 2019 and again the next year when Covid arrived. After initially closing 22 stores, it had hoped to continue trading and reopen some of its 142 shops but was bought out by Boohoo the following year in a £55million deal. TOYS R US THE American brand got into financial trouble in 2018 and shut all of its 100 UK shops as a result. It has now started opening concessions in WHSmith stores. WILKO AROUND 12,500 people lost their jobs when Wilko shut 400 stores in late 2023. It was bought by The Range in a £5million deal which meant shoppers could still buy goods online. THE BODY SHOP THE beauty store was rescued from administration last year after being forced to shut 82 stores. Its remaining 113 shops were bought by growth capital firm Aurea but it has since lost branches in Sheffield and Norwich. ARGOS SHUT 100 of its stores across 2023 and 2024 but has opened pick-up points in Sainsbury's. Co-author Dr Eman Zied Abozied, a research associate at Newcastle University's population health sciences institute, said: 'All over the country, our high streets are becoming less healthy and less welcoming places to visit. 'This trend is only getting worse and it's even more pronounced in traditionally deprived areas. 'The disappearance of amenities such as supermarkets, pharmacies, banks and public toilets particularly affects groups such as women, children and the elderly. 'But what we are seeing impacts all of us. 'The deterioration of our high streets makes our centres feel less safe, less inviting and, ultimately, makes us feel more disconnected as communities.'
BBC News
3 days ago
- Business
- BBC News
Empty shops in County Durham prompt 'ghost town' fears
The number of empty shops in County Durham is at its highest rate ever, a report has Bishop Auckland, and Newton Aycliffe are the worst hit, while Ferryhill, Shildon, Consett, and Barnard Castle have also suffered heavily in the past vacancy rates recently increased to 18.3%, compared with the national average of 14.4%.However, one local retail consultant said work was being done to tackle the issue, adding "despite all the challenges, we continue to see good-quality independent and national businesses opening and seeking space in the region's town and city centres". High streets across County Durham have continued to suffer when high-profile retailers leave prominent sites, with closures fuelled by changing shopping habits and rising number of pharmacies, banks, and supermarkets have also decreased, but there were about 33% more takeaway outlets in 2024 compared with 2014. 'Work together' The Local Democracy Reporting Service said the report, Ghost Towns: The Decline of the High Street and Health Inequalities, argued for more "people-friendly" spaces, with seating, public toilets and pedestrianised areas to increase Soult, a North East-based retail consultant, warned that the declining state of local high streets should not be sensationalised."Local place leaders on the ground, in this region and beyond, are already working hard to tackle those issues and help facilitate the very change that the report's authors advocate", he in Bishop Auckland and Spennymoor have been invited to take part in decision-making and new powers such as High Street Rental Auctions, to help redevelop derelict properties, are set to be introduced in Darlington. Mr Soult, who previously worked on the government's High Streets Task Force, said: "It is particularly disappointing that the report does not provide a platform to celebrate case studies of the good practice it is pushing for."The question we need to be asking is how we can all work together to make even more of that good stuff happen." Follow BBC North East on X, Facebook, Nextdoor and Instagram.
Daily Mail
4 days ago
- Business
- Daily Mail
EXCLUSIVE The death of Debenhams: The reason why ghost stores are left to rot across the country as locals say 'desolate' shells are 'ruining' their town centres
Britain's high streets have been in decline for years but little shows the true extent of the crisis like the agonising tale of Debenhams. Once a stalwart of the British shopping experience and the anchor around which other stores could thrive, the bedraggled shells of former Debenhams stores now litter this country's streets. Around 12,000 jobs were lost when the company went into liquidation in 2021. Fenced off or boarded up, many of them are covered in graffiti. Others have already been torn down or cloaked in scaffolding as they wait to be converted into flats. Although Boohoo has bought the Debenhams website and name, none of the department stores have ever reopened — meaning the death of yet another high street brand. Tragically, shoppers who enjoy the experience of leaving their bedrooms and getting some fresh air before trying products in person are a dying breed. This has led to some town centres becoming dangerous havens for vandals and drunks. Paul Dobson, a professor of business strategy and public policy at the University of East Anglia (UEA), says councils that neglect their towns and cities risk starting a 'death spiral' for the high street. He said with every shop that closes and lays empty, a high street can become a less attractive place to start a business - thus fuelling the decline even further. Ipswich local Antonia Cook, 25, a teaching assistant for special needs primary school children, put it more bluntly to MailOnline. She said: 'I miss Debenhams. A lot of my friends worked here. Now it just [has] a feeling of urban desolation in a ghost town riddled with barbers and vape shops.' Debenhams, which employed more than 20,000 people before the pandemic, had been suffering poor sales for years as shoppers moved away from traditional department store models. But the enforced closure of sites during the pandemic was the final straw, resulting in the company falling into administration within weeks of the virus fully hitting the UK. Debenhams then started its liquidation process at the start of 2021 after failing to secure a rescue sale. In January 2021, Boohoo acquired the name and website operations of Debenhams from its administrators for £55million – but did not take on any of the firm's workforce or High Street stores, which Debenhams confirmed would close for good. Prof Dobson said: '[Debenhams] stores have remained empty because their large size and central location makes them only suitable as department stores, which is a sector being squeezed by increased online competition. 'It is difficult to re-purpose these large stores into smaller units, resulting in them staying empty or being turned into residential flats. 'There is a future for department stores and British high streets as long as there is sufficient concentration and diversity of stores in a town or city centre to make these attractive go-to destinations, which provide an enjoyable and sociable shopping experience that online shopping cannot match. 'Business rates play a part in stopping new store owners taking over the empty spaces because they skew competition and create an unlevel playing field making it harder for physical stores to compete with online retailers. 'Similarly, underinvestment and neglect by councils in city and town centre facilities and management, like ensuring easy access with cheap car parking and good public transport, is also undermining the vitality of high streets. 'The combination is a posing a serious risk of a death spiral, where each shop closure undermines the viability and attractiveness of the remaining ones as a shopping destination. 'Some cities and towns can absorb the odd shop closure without harming the overall ambience and attractiveness of the centre as a shopping destination, especially when there are other attractions such as entertainment alongside a rich variety of relaxed eating and drinking establishments in a beautiful setting. 'Other locations, though, are struggling and reaching a tipping point where successive shop closures are making the centre unattractive, if not an eyesore, which increasingly puts off shoppers, so fuelling a downward spiral that can be difficult to reverse without major investment. 'Avoiding that tipping point with smart ways to maintain the attractiveness of town centres is the critical factor for keeping British high streets alive and vibrant. 'Unfortunately, time is running out for many British high streets unless they can remain go-to destinations that offer shoppers a satisfying and convenient experience.' He also suggested 'a special exemption for city and town centres' from the Sunday Trading Act 1994 so stores 'can provide an all-day shopping and entertainment experience'. At the moment, the Sunday Trading Act 1994 means large shops (those with floor areas exceeding 280 sq metres) can only open for six hours between 10am and 6pm on Sundays. MailOnline understands the Government intends to introduce a higher business rate on the one per cent most valuable business properties, which it says will fund permanently lower rates in 2026 and removing the £110,000 cap, which it claims will help more than 280,000 retail, hospitality and leisure properties. The government is also extending 40 per cent relief for 250,000 properties and freezing the small business multiplier which it says, together with Small Business Rates Relief, will protect over a million small properties from inflationary increases. Until 2026, business rates bills will be protected from inflation (through a frozen multiplier for 90 per cent of properties) and there is 40 per cent relief on business rates bills next year for 250,000 retail, hospitality and leisure premises. Prof Dobson added: 'The complexity of this arrangement speaks volumes as a sticking plaster over an outmoded business rate system that could take years to sort out given the current slow pace of change. 'Retail businesses need certainty for investment planning, not a relief system that could be taken away at the stroke of a politician's pen, especially given the fiscal tightrope that the government is having to walk given the country's parlous state of public finances.' British Retail Consortium (BRC) chief Helen Dickinson suggested that all hope was not lost and that 'footfall has been rising over the last few months'. However, she told MailOnline expensive business rates were 'holding back high street investment' and were the single biggest block to opening new stores according to BRC members. She said: 'For all retailers opening new stores, knowing you have to take on that burden is difficult. 'Business rates are paid regardless of whether you are doing really well or your business is struggling. '[They] are a major factor behind so many vacant shops. When a department store or any large store becomes vacant, it can damage footfall for surrounding shops and businesses. 'Anchor stores are often a destination for customers and they support the smaller businesses around them.' Regarding the government's proposed reforms, she added: 'These could be a great opportunity for government to rebalance the disproportionate tax burden on retail and promote growth across the country. 'They need to make sure they help, not hinder, the high street and don't kill off investment, whether in big stores that bring in the footfall or more widely. That is why it's essential no shop pays more as a result of these reforms.' However, not all Debenhams stores are going to waste. The owner of House of Fraser, Frasers Group, has taken over a number of former Debenhams shops. Talking about why so many of the old stores are empty, a Frasers Group spokeswoman said: 'This is not just a Debenhams issue. So many shops are empty because the cost of running large physical stores has become unsustainable. 'High business rates, rising wages and extra charges on bigger spaces are driving retailers away from town centres. Without serious reform from the Government, there is little incentive for retailers to return to the British high street. 'We believe in the UK high street - it's in our DNA. But it can't survive in its current form. Costs are too high, and without serious reform, it's hard to see how more retailers will survive. 'We have full confidence in our own strategy, but for the wider UK retail sector, the Government needs to step up if they want the UK high street to have a future.' She added the group had 'managed to stay ahead thanks in part to our diversified portfolio of brands and by thinking differently about physical retail'. The spokeswoman said: 'Since 2019, we've invested heavily in upgrading our store portfolio and creating spaces that are destinations in their own right. 'Our Frasers concept stores are a good example of this. We take large, empty sites and turn them into multi-brand experiences, combining everything from Frasers to Sports Direct under one roof. 'We're also growing beyond traditional retail, with new revenue streams like Frasers Plus, our flexible credit option, and Elevate, a new retail media platform that works both in-store and online. 'We've also made strong progress expanding Sports Direct internationally, moving into fast-growing markets like South Africa, Malaysia, Indonesia to name a few. We see real potential in these markets and we're just getting started.' Even so, many locals in towns and cities with empty Debenhams remain unhopeful. They say the empty Debenhams stores has created a breeding ground for vandalism, rough sleepers and frightening behaviour. Norwich local Lizzy Lanfear, 21, said: 'It looks really ugly. I would want it to be a nice restaurant or something. 'I think it makes the street look more rough. Personally, I don't walk past this bit at night.' Colleen Potter, 55, used to work at Debenhams in Norwich and is now at a small shop opposite the empty department store. She was a manager in the Jon Richard Jewellery section of Debenhams before the store closed down the company's collapse into liquidation in 2021. Colleen told MailOnline: 'That was a flagship store. [Now] it's an eyesore. At one point we were getting a lot of rough sleepers.' Former civil servant John Reynolds, 91, from Norwich, added: 'It's very sad. It's all part of a general change in cities. 'The huge size of it is the problem. 'With a huge place like that [it will remain empty] unless you departmentalise it.' Commenting on its appearance, he added: 'As soon as somewhere is abandoned, you get graffiti.' Dorothy Lumb, 78, a retired typist for a large manufacturing company, said: 'It just leaves a big gap. It's a shame people shop online.' Aimee Palmer, 19, was a hairdresser visiting the city for a day. She said: 'It looks scabby and trampy.' Sukhman Kunner, 20, is a games, art and design student at the University of East Anglia (UEA). He said: 'They could use the space for something else. It's an eyesore being covered in all those Communist posters.' In the nearby town of Ipswich, Suffolk, locals said they missed their Debenhams and hoped it would one day turn into something that would boost the economy there. Ann, 68, a teacher and grandmother-of-three from Felixstowe, said: 'I used to like going to Debenhams to eat in the restaurant. The fish and chips were great. 'Their restaurants were marvellous. I really miss them. It was a pleasurable place. There were various high street shops inside Debenhams. It's an eyesore with the way they have fenced it off.' Mother-of-two Cheyenne, 27, was shopping with her husband Rob, 30, a warehouse worker. Rob, who met his Cheyenne while playing bingo, told MailOnline: 'It's depressing. It's such a big area with so much potential. 'They were going to make it a concert hall which would have [helped] the economy around here but it's still empty.' Noel Thompson, 59, a cleaner from Ipswich, said: 'It's an eyesore. It's desolate. It's probably because people don't have a lot of money to spend.' Meanwhile, Mother-of-three Anna Pont, 36, said: 'It's an absolute waste of space. 'It had so many different areas. It was always busy. [Losing it] had a big impact for our town.' Her friend Lydia Walters, 37, who is also a mother-of-three, said: 'It's the way it's going. Where do we go now for our cr***y Christmas presents and perfume?' Councillor Neil MacDonald, the leader of Labour-run Ipswich Borough Council, said: 'The former Ipswich Debenhams sits at the heart of the town centre. Its stripped out, vacant state has a blighting impact on the town and it is deeply disappointing that its Suffolk-based owners have not been able to get it re-occupied. 'The Council knows that a number of well-known retailers have enquired about occupying part of the ground floor but understands that terms have not been agreed. 'Despite not owning the building, we continue to seek ways to bring about a re-occupation as we know that this would have a significant impact on the town – just as our recently announced action on the Grimwades building opposite will when its occupied later this year after some 12 years vacant.' Yet while Debenhams stores have been closed since 2021, the brand name is still being used to sell goods online after it was bought by Boohoo. Boohoo's parent company rebranded as Debenhams Group earlier this year. The firm said it has successfully completed an overhaul of Debenhams since it took over the brand and that it is now a 'majority contributor to group profitability'. Boohoo will now roll out the operating model at Debenhams across the wider firm, using the overhaul as a 'blueprint for the wider turnaround of the group'. It added: 'Reflective of this major strategic change, the group will go forward as Debenhams group with immediate effect.' The Boohoo brand will continue, as will other fashion brands owned by the group, such as Karen Millen and PrettyLittleThing.
The Sun
5 days ago
- Business
- The Sun
Major coffee shop chain with over 1,000 venues across the UK suddenly closes branch with hastily-stuck sign on its door
A HUGE coffee chain with more than 1,300 UK branches has shuttered one of its high street shops. Starbucks abruptly pulled the plug on its coffee house in Headington, Oxford. 1 The location on the town's London Road notified punters that the "shop is now closed" on a store window sign. The coffee giant first waved in customers in October 2007. It is unknown why Starbucks decided to close down the location. Starbucks now has two remaining locations in Oxford, according to its website, which are located on Cornmarket Street and Westgate Shopping Centre. The Sun Online has reached out to Starbucks for comment. In April last year, Starbucks announced the closure of one of its Reading cafes, leaving some shoppers "shocked". And in March 2024, locals were saddened to hear their Dalton Park store, in Murton, Country Durham, would be closing down in hours. RETAIL APOCALYPSE Both independent and industry giants have been struggling with rising costs and reduced footfall over the past few years. Dozens of shops are set to close across the country before the end of the month in the latest blow to UK high streets. Just a few months into 2025 and it's already proving to be another tough year for many major brands. Rising living costs - which mean shoppers have less cash to burn - and an increase in online shopping has battered retail in recent years. Shock Closure: Fisher Tours Ends Operations After 22 Years In some cases, landlords are either unwilling or unable to invest in keeping shops open, further speeding up the closures. Smiggle isn't the only stationary shop shutting its doors, more WHSmiths stores are set to close in the next few months. The huge sports retailer, Sports Direct is axed its Newmarket Road store in Cambridge on April 18. Whilst, Red Menswear in Chatham in Medway, Kent, shut for the final time on Saturday, March 29, after selling men's clothing since 1999. A couple months ago, Essential Vintage told followers on social that it would be closing down after they had been "priced out" because of bigger players in the market such as Vinted. Jewellery brand Beaverbrooks is also shutting three shops early this month. New Look bosses made the decision to axe nearly 100 branches as they battle challenges linked to Autumn Budget tax changes. Approximately a quarter of the retailer's 364 stores are at risk when their leases expire. This equates to about 91 stores, with a significant impact on New Look's 8,000-strong workforce. It's understood the latest drive to accelerate closures is driven by the upcoming increase in National Insurance contributions for employers. The move, announced by Chancellor Rachel Reeves in October, is hitting retailers hard - and the British Retail Consortium has predicted these changes will create a £2.3billion bill for the sector. Why are retailers closing stores? RETAILERS have been feeling the squeeze since the pandemic, while shoppers are cutting back on spending due to the soaring cost of living crisis. High energy costs and a move to shopping online after the pandemic are also taking a toll, and many high street shops have struggled to keep going. However, additional costs have added further pain to an already struggling sector. The British Retail Consortium has predicted that the Treasury's hike to employer NICs from April will cost the retail sector £2.3billion. At the same time, the minimum wage will rise to £12.21 an hour from April, and the minimum wage for people aged 18-20 will rise to £10 an hour, an increase of £1.40. The Centre for Retail Research (CRR) has also warned that around 17,350 retail sites are expected to shut down this year. It comes on the back of a tough 2024 when 13,000 shops closed their doors for good, already a 28% increase on the previous year. Professor Joshua Bamfield, director of the CRR said: "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." It comes after almost 170,000 retail workers lost their jobs in 2024. End-of-year figures compiled by the Centre for Retail Research showed the number of job losses spiked amid the collapse of major chains such as Homebase and Ted Baker. It said its latest analysis showed that a total of 169,395 retail jobs were lost in the 2024 calendar year to date. This was up 49,990 – an increase of 41.9% – compared with 2023. It is the highest annual reading since more than 200,000 jobs were lost in 2020 in the aftermath of the COVID-19 pandemic, which forced retailers to shut their stores during lockdowns. The centre said 38 major retailers went into administration in 2024, including household names such as Lloyds Pharmacy, Homebase, The Body Shop, Carpetright and Ted Baker. Around a third of all retail job losses in 2024, 33% or 55,914 in total, resulted from administrations. Experts have said small high street shops could face a particularly challenging 2025 because of Budget tax and wage changes. Professor Bamfield has warned of a bleak outlook for 2025, predicting that as many as 202,000 jobs could be lost in the sector. "By increasing both the costs of running stores and the costs on each consumer's household it is highly likely that we will see retail job losses eclipse the height of the pandemic in 2020."
