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Closing Up Shop in the UK

Although it looks as if the worst of the financial crisis is over, more and more physical stores are closing in the United Kingdom, according to data by the Local Data Company (LDC) for PwC. Subsequently, fewer shops are opening up. On an average day in 2017, eleven shops would open in the UK, while sixteen would close. The biggest victims of this development were fashion and footwear stores. According to PwC, most of the decline can be attributed to the fact that wage growth failed to keep up with inflation, the volatility of the pound since the Brexit decision and the ongoing rise of online sales. Not all is lost for physical stores: there was a rise in the number of beauty shops in 2017, while cafes, coffee shops, ice-cream parlours and bookstores also increased in number.

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