Multiple retailers closed an average of 14 stores a day across the UK, according to the Local Data Company and PWC.
Figures from accountancy firm PWC and the Local Data Company have revealed that multiple retailers have shown a 0.25% reduction in the total number of shops in 2011.
The data also revealed that menswear retailers were among the hardest hit in terms of store closures while footwear retailers’ store numbers actually bucked the trend and showed growth during the year.
“A common feature of retailers in distress, who we are dealing with, is that they have too many locations,” said PWC insolvency partner Mike Jervis.
“Relatively long leases have been entered into in a growth phase of the economy which are no longer appropriate. Where over-expansion has already taken place, retailers need to face that reality and formulate a strategic plan in partnership with landlords, not in confrontation with them.”
Matthew Hopkinson chief executive of the Local Data Company added: “Significant changes have happened in the way multiple retailers operate and locate.
“With a significant number of leases expiring the opportunity to draw down to a smaller number of stores that more suit the needs of omni-channel retailing is happening.”
Detailed results from the survey, broken down by area, are shown in the table below.
Opening and Closures of Multiple Retailers by Region across the top 500 GB town centres in 2011
|Number of store closures||Number of store openings||Change|
|East Of England||378||369||-9|
|Yorkshire and the Humber||340||314||-26|