Recent figures released by the Centre for Retail Research has revealed that 47 retail shops closed every day in 2022 representing the highest total in 5 years. Alongisde vacant properties over 151,000 retail jobs were also lost in the year to end December.

BIRA (British Independent Retailers Association) which works with over 6,000 independent businesses of all sizes across the UK, has remarked on the figures that reported 17,000 sites across the UK shutting up shop as ‘frightening’ and ‘toxic’.

Andrew Goodacre, CEO of Bira, commented:

The number of shops closing is frightening and has accelerated throughout the year. It is due to a toxic combination of reduced consumer spending and rising costs. I feel that after three years of dealing with Covid from lockdowns to trading restrictions, and now coupled with the cost of living crisis, that indie retailers are worn out and tired.”

2022 proved to be a year of two halves with the trend for shopping local continuing after the lockdown periods especially for local independents and convenience stores. However rising operational costs and the cost of living crisis with economic uncertainty led to a change in fortunes in the second half of 2022. The larger retailers continued to suffer comparatively worst than independents who were able to benefit from energy support and thankfully independent lingerie retailers seem to have been one of the hardier sectors of the retail industry.

Mr Goodacre added:

We can look forward to lower business rates in England and Wales (but not in Scotland where rates are being increased) as from April this year, but that coincides with the end of the energy support scheme. This report shows the urgent need to retain the energy support or 2023 will see many more shops closing.”