Over 13,000 High Street Shops Closed in 2024 Amid Economic Struggles
In 2024, over 13,000 high street shops closed, with predictions of more closures in 2025 due to rising costs and economic pressures.
UK, Retail, Store Closures, Ted Baker, Independent Retailers
London: Last year was tough for high street shops, with over 13,000 closing their doors. Experts are saying 2025 might be even worse due to rising costs.
New data from the Centre for Retail Research shows a big jump in closures—up 28% from 2023. That’s about 37 shops shutting down every single day!
Most of these closures were small independent stores, which have been hit hard since Covid support ended. A staggering 11,341 of them closed last year.
Even larger chains weren’t safe, with 2,138 stores shutting down. Many of these closures were due to insolvency, with big names like Ted Baker and Homebase affected.
Professor Joshua Bamfield from the Centre for Retail Research warned that while 2024 wasn’t as bad as some previous years, things could get worse in 2025.
They predict around 17,350 closures next year, mainly from independent retailers. This is linked to rising national insurance and minimum wage increases.
Small shops will also feel the pinch from changes to business rates. The discount is dropping from 75% to 40%, which will significantly raise their costs.
For example, the average shop’s rates bill could jump from £3,589 to £8,613 in 2025/26. That’s a huge leap!
Alex Probyn from Altus Group called it “foolhardy” to cut relief for businesses after such a tough year. He noted that the burden on high streets is only going to increase.
On a brighter note, the Co-op announced plans to open 75 new stores across the UK in 2025, which is some good news for the retail scene.