25 January 2023 , 08:23
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It's a brutally tough time for Britain's retail sector, with more shops shutting down in 2022 than at any other point in the past five years.
Almost 50 stores closed for good every day last year - culling 151,474 jobs in the process, says the Centre for Retail Research (CRR).
A total of 17,145 shops permanently brought the shutters down in 2022 - up almost 50 per cent on the 11,449 that called it a day in 2021, during the Covid pandemic.
The CRR found 5,509 shops ceased trading as retailers simply went bust, while a further 11,636 were closed as part of a cost-cutting drive by large companies.
The CRR’s director, Prof Joshua Bamfield, said he expects this trend to continue in 2023.
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Many familiar names fell by the wayside last year, including corner shop chain McColl's, coffee company AMT and online fashion giant Missguided.
Even one of the UK's oldest family-run department stores - Eve & Ranshaw in Louth, Lincolnshire, announced it is to close at the end of this month, after trading in the market town since 1781.
But despite traditional bricks and mortar shops disappearing from our high street at an alarming pace, Marks and Spencer plans to open TWENTY new stores across the UK.
The new openings will see M&S invest £480million, under a wider restructure of its business.
So there are green shoots for the retail sector - but is it too late for the majority of our high streets? Can they make a comeback? How are YOUR local shops faring in these troubled times? Let us know in the comments below.
Let us know your thoughts. (Getty/ImageMaker)Is your local high street struggling to cope? Let us know