More than 6,000 retail establishments have disappeared in England and Wales over the last five years, according to recent research findings. London experienced the most significant reduction in retail sites over the five-year period, with 1,266 locations vanishing, followed by the South East (-1,191), North West (-719), and North East (-672). Analysis of data from the Valuation Office Agency by tax company Ryan revealed a net decrease of 6,045 retail properties since the end of 2020.
The study indicates that retail premises have either been demolished or repurposed for alternative uses like housing. However, there are positive signs for UK high streets and shopping areas, as more than 13 retail stores opened every week in the past year.
By the end of 2025, there were 507,810 retail establishments across England and Wales, representing a net increase of 723 stores compared to the previous year. Property numbers rose in every region except the North West, which saw a decrease of 41 locations.
Ryan noted that the increase in numbers was due to efforts by retail real estate companies, such as Hammerson, converting empty large units, often former department stores, into a greater number of smaller units. While some retail groups like John Lewis have halted plans to convert retail properties into rental spaces, the report cautioned that the retail sector continues to face challenges from high business rates, increased labor costs, and consumer financial concerns.
Alex Probyn, Europe and Asia-Pacific property tax practice leader at Ryan, emphasized that the pandemic accelerated ongoing changes in the retail sector, including shifts in consumer behavior and the evolving nature of high streets towards mixed-use environments. He advised retailers to review and challenge their property assessments as needed.
Recent figures from the Office for National Statistics revealed a 1.3% decline in retail sales volume in April, the largest drop since May 2025 and exceeding economists’ expectations of a 0.6% decrease.
