High street chain stores closing at lowest rate since 2014

High street chain stores closed at the slowest rate since 2014 in the second half of 2022 according to data from accounting firm PWC.

A total of 11,530 chain outlets, brands with five or more stores, exited GB high streets, shopping centres and retail parks, an average of 32 closures per day.

As well as this, chain store openings even saw positive growth with 7,903 stores opening, an average of 22 per day, the highest rate since 2019.

As a result, overall net closures are at their lowest number in over seven years with just 10 net closures per day. This is less than half the level seen in 2020 and 2021.33 and 29 per day respectively.

The spread between regions narrowed in the first six months of 2022 and that trend has continued to the extent that regional variations have nearly gone.

This year has seen the narrowest spread of results in over seven years with less than one percentage point between the worst performing, West Midlands at -2.3%, and the best South East -1.3%.

It seems that retail parks are the most resilient to closures, as seen in the data from 2021 and from the first half of 2022.

PWC said that it saw a marginally quicker recovery in retail parks compared with the high street.