London: Europe and the Arabs
New data from the Retail Research Centre has revealed that the UK witnessed the closure of more than 13,000 stores permanently during the past year, with experts warning of even bleaker expectations in 2025 due to rising costs associated with the budget. According to what was published by the Euronews website in Brussels,
The figures showed an increase in the rate of store closures by 28% compared to the previous year, as 13,479 stores closed their doors permanently, at a rate of 37 stores per day, while small independent stores accounted for the largest percentage of closures at 11,341 stores, an increase of 45.5% from the previous year, while major commercial chains closed 2,138 stores.
More than half of the closures, 7,537 stores, were attributed to bankruptcy procedures, as major brands such as Ted Baker, Homebase and Carpetright were forced to close their stores. 5,942 stores were also closed as part of cost-cutting programs, including chains such as Boots and Shoe Zone. The centre expects the number of closed stores to rise to around 17,350 by 2025, including 14,660 independent stores, affected by the increase in National Insurance contributions and the minimum wage due in April. In contrast, the Co-op supermarket chain has announced plans to open 75 new stores in the UK in 2025.