Store openings in 2023 reached post-pandemic high – but closures still increasing
14th March 2024 9,138 new stores opened in Great Britain in 2023, the highest figure since 2019, a new report has found. However, the figures from PwC – with research undertaken by Local Data Company – found that the country witnessed an increase in both openings and closures in 2023 compared to the previous year. The bi-annual report – which tracks over 200,000 outlets in more than 3,500 locations across the UK – recorded net closures of 14 stores a day in 2023. This was higher than in 2022 (10 a day) but lower than in 2018-2021. PwC/Local Data Company According to the report, this acceleration in store closures can primarily be attributed to one-off large-scale restructuring in parts of retail and hospitality. In total, there was 14,081 store closures in 2023, an average of 39 closures per day. The figure is higher than 2022’s total of 11,530, but lower than every year between 2017 and 2021, and in line with 2016 (14,439). Despite the overall decline, there was a rebound in the hospitality sector, with a notable surge in new openings. Five of the top seven categories of new openings were in this sector, with takeaways (+151), food-to-go (+131), cafes (+104), coffee […]
