British high streets continue to face significant pressure with around 35 shops closing their doors each day in 2024, according to new figures.
The latest data from PwC revealed that 12,804 retail stores, leisure venues and service outlets shut down for good last year amid ongoing concern over the direction of the economy.
Despite the substantial number of store closures, the retail landscape showed signs of improvement compared to 2023.
The previous year saw an even higher figure of 14,801 shops closing across England, Scotland and Wales following the Covid pandemic.
Many firms reported resilient spending from customers despite ongoing economic challenges. The financial services firm found a net drop of 3,802 stores across high streets, retail parks and shopping centres throughout the year.
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Store closures continue to impact the UK high street
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This decline occurred after 9,002 new venues opened their doors during 2024. The figures nevertheless indicated an improving situation for British retailers compared to the previous year.
However, the number of new stores openings was also slightly lower than in 2023, when only 9,138 new venues opened.
Convenience stores and coffee shops emerged as bright spots in the retail landscape during 2024. The data showed 171 net new convenience stores opened as major supermarket chains focused on rolling out smaller format stores.
Coffee shops also saw growth with 105 new openings, featuring a mixture of out-of-town and drive-thru outlets targeting consumers on the move.
In stark contrast, bank branches and financial service firm stores saw a 396 net reduction as they shifted more operations online.
Jacqueline Windsor, the head of retail at PwC UK, offered a positive outlook on the findings despite store closures appearing to be the norm.
“Our latest store openings and closures insights indicate a cautious optimism for the retail sector,” Windsor explained.
“This creates opportunities for stakeholders to seize momentum and unlock growth by tackling market challenges and capitalising on evolving consumer behaviours.”
However, PwC UK restructuring partner Zelf Hussain warned of ongoing difficulties on the high street.
“Although store closures declined in 2024 compared to the previous year, retailers continue to face significant challenges in 2025,” he noted.
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“With substantial payroll cost increases and higher business rates taking effect in April, profit margins will remain under pressure.”
While the rate of closures has slowed, the daily loss of 35 shops remains a significant concern for high streets nationwide.
Consumer spending has shown resilience, but retailers face mounting pressures from increased operational costs, PwC found.
Notably, the firm noted the shift toward convenience stores and coffee shops reflects changing consumer habits.
