2022 bruising year for UK retail sector: Centre for Retail Research

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Last year was a bruising one for the UK retail sector, with more shops shut than at any other point for at least five years. Around 47 sites shut up shop for the last time every day last year, shows new analysis by the Centre for Retail Research, which found that 17,145 shops on high streets and other locations closed in 2022—up by nearly 50 per cent on 2021.

A little over 5,500 of the shops went under, while more than 11,600 of them were closed as a larger chain decided to cut its costs.

Last year was a bruising one for the UK retail sector, with more shops shut than at any other point for at least five years. Around 47 sites shut up shop for the last time every day last year, shows new analysis by the Centre for Retail Research, which found that 17,145 shops on high streets and other locations closed in 2022—up by nearly 50 per cent on 2021

However, a 56 per cent drop in shops being closed was observed last year as larger retailers—with 10 or more sites—went out of business.

The centre’s director Joshua Bamfield said the trend is likely to continue this year, but added that a few ‘big hitters’ could also go under.

Over 151,000 retail jobs were lost in the United Kingdom last year, including from online retailers, the analysis found. This was an increase of more than 45,000 on the year before.

Fibre2Fashion News Desk (DS)


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