In the last ten years, over 120,000 shops have shut down across the UK, according to a recent report. This decline in retail establishments has also been accompanied by the closure of approximately 6,600 bank branches between 2016 and 2025, as per research conducted by Parcelhero, a package price comparison website.
Parcelhero’s latest assessment of the high street’s condition, compared to a study from four years ago, revealed a significant increase in store closures. The report predicted that by 2030, around 100,000 stores would cease operations, but the reality has surpassed this forecast with an estimated 122,682 physical stores shutting down between 2016 and 2025.
Notable retailers that have disappeared from the high street since 2016 include Jaeger, Toys R Us, Maplin, Mothercare, Thomas Cook, Debenhams, Laura Ashley, Paperchase, Homebase, Ted Baker, and Oddbins. Department stores have been particularly hard-hit, with 83% of those existing in 2016 no longer in operation, leaving many high streets with vacant, boarded-up spaces that detract from the surrounding area.
Despite warnings a decade ago about the need for department stores to adapt to the digital age, many failed to do so, leading to their demise. The closure of these stores, along with other retailers, can be attributed to rising costs and intense online competition, exacerbated by the impact of the Covid-19 pandemic.
House of Fraser, for instance, went into administration in August 2018 and has since seen its number of stores reduced by half. Additionally, thousands of clothing stores, including those under Sir Philip Green’s Arcadia group like Topshop, Burton, and Dorothy Perkins, have also closed in the past decade.
The report cautions that the wave of high street closures is far from over. TG Jones, the rebranded version of WH Smith’s high street arm, is facing challenges, with plans to potentially close up to 150 stores, risking thousands of job losses. Similarly, Morrisons has announced intentions to shut down 100 stores in response to escalating costs driven by government policies.
The ongoing restructuring and cost-cutting measures adopted by retailers underscore the challenging environment faced by traditional brick-and-mortar establishments amid changing consumer behaviors and economic pressures.
