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New research suggests almost 50 shops shut down each day in 2022

2nd January, 2023

According to the latest research by The Centre for Retail Research, 47 retail sites shut up shop for the last time every day in 2022. This is more than at any point when comparing to the previous five years.

Looking closer to the data, a staggering 17,145 shops closed in 2022 – up by almost 50% that in 2021. This of course came with job losses too – with 151,000 retail jobs lost in total (online retail included).

Deeper analysis found that just over 5,500 of the shops had collapsed, with more than 11,600 being closed due to the wider chain wanting to cut costs. This indicates that company failure was less prevelant and it is more that rationalisation is the driver for closures – is there a link here to the economic state as we see current?

Sky News share more on the research.

If you have been following our regular news updates, you would have been up to date on the demise of the retail sector…what will 2023 look like?

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