14 store closures a day lead to 5,000 fewer UK shops
Research conducted by the Local Data Company (LDC) and PwC, large retail businesses in the UK, such as Wilko, Paperchase, and Lloyds Pharmacy, closed an average of 14 stores per day in 2023, leaving 5,000 fewer shops trading across the UK. Despite a surge in new store openings, particularly in the hospitality sector, there were more closures, resulting from “one-off” restructurings and failures. PwC reveals this pattern reflects an increase in online shopping for non-grocery items.
