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High street closure toll could reach 28 stores a day High street closure toll could reach 28 stores a day
(7 months later)
High street store closures increased tenfold last year as the woes of Clinton Cards and Game took their toll, a survey has shown.High street store closures increased tenfold last year as the woes of Clinton Cards and Game took their toll, a survey has shown.
A report by PricewaterhouseCoopers and the Local Data Company showed the net number of store closures was 1,779 in 2012 – up from 174 in 2011. It added that the number of stores closed by retail chains could double this year from 14 stores a day in 2011 to 28 a day in 2013, after HMV, Blockbuster and Jessops collapsed.A report by PricewaterhouseCoopers and the Local Data Company showed the net number of store closures was 1,779 in 2012 – up from 174 in 2011. It added that the number of stores closed by retail chains could double this year from 14 stores a day in 2011 to 28 a day in 2013, after HMV, Blockbuster and Jessops collapsed.
The report found that payday loan stores and pound shops are the fastest-growing retailers on the high street, with card shops, computer game and health food stores the most depleted. Payday loan firms increased their high street presence by 20%, pawnbrokers were up 13%, and nearly two pound shops were opened every week across the country.The report found that payday loan stores and pound shops are the fastest-growing retailers on the high street, with card shops, computer game and health food stores the most depleted. Payday loan firms increased their high street presence by 20%, pawnbrokers were up 13%, and nearly two pound shops were opened every week across the country.
Mike Jervis, insolvency partner and retail specialist at PwC, said: "2012 saw more retail chains go into insolvency than ever before. The failed chains generally shared two problems – too many stores and too little multichannel activity."Mike Jervis, insolvency partner and retail specialist at PwC, said: "2012 saw more retail chains go into insolvency than ever before. The failed chains generally shared two problems – too many stores and too little multichannel activity."
Card shops suffered a net fall of 188 stores, a 23% drop, mainly due to Clinton Cards going bust last year, while the failure of Game contributed to a 45% fall in high street computer game stores.Card shops suffered a net fall of 188 stores, a 23% drop, mainly due to Clinton Cards going bust last year, while the failure of Game contributed to a 45% fall in high street computer game stores.
The survey, which measured data from 500 towns and cities, also found that the number of store closures outstripped the number of store openings in every region of the country.The survey, which measured data from 500 towns and cities, also found that the number of store closures outstripped the number of store openings in every region of the country.
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