High StreetNews

Covid-19 could shutter 18,000 stores permanently, report shows

18,000 more retail stores face permanent closure in 2020 as Covid-19 restrictions continue to damage the UK highstreet. 

According to the Guardian, a report published by the Local Data Company (LDC) has revealed that it predicts nearly 15,000 more outlets will be left empty in 2020, compared with 9,169 net closures that occurred in 2019. 

The figures follow up a report published by the company last month that showed 11,120 chain operator outlets have closed in 2020 so far with just 5,119 shops opening, creating a net decline of 6,001, almost double the decline tracked last year.

Lucy Stainton, head of retail at LDC, told the Guardian:The latest figures on the GB retail and leisure market tell the story of an immensely challenging few months for the retail and hospitality sector.”

“These figures mark only the first phase in the impact of the pandemic on the retail economy this year with 20% of the market still temporarily shut and with more months of difficult trading conditions ahead.”

It comes as the UK is set to enter into a four week lockdown on 5 November which prohibits any non essential retailers such as clothing stores and leisure centers from opening. 

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