Shops closing at alarming rate : Highest in five years
By Susie Watkins
2nd Jan 2023 | Local News
Nearly 50 shops closed every day last year - according to the Centre for Retail Research (CRR).
More than 17,000 sites shut up shop - the highest number for five years.
They included M&Co, which has a branch in Midsomer Norton High Street, the Scottish clothing retailer formerly called 'Mackays', went into administration for the second time in December 2022. It had restructured in 2020 using pre-pack administration, closing 47 stores. The company continues to trade, although it has closed its Droitwich store, until a buyer can be found. There are currently more than 170 stores and 2,000 employees. Most of the stores have 'Closing Down' notices on their windows, but no decisions have yet been taken.
Total closures were nearly 50% higher than in 2021, the researchers said.
The number of retail jobs lost, in stores and online, also jumped as businesses closed or cut costs.
More than 150,000 posts were closed, up 43% compared to the previous year.
The CRR, an independent research body which provides analysis of retail sector trends, said shops were closing at a rate of 47 per day in 2022. Over the course of the year, large retail chains closed 6,055 shops while 11,090 shops were closed by independents.
Other closures included:
Joules, the upmarket clothing retailer that started in 1989 selling at country fairs, announced in November 2022 that it intended to appoint administrators. There are 132 stores and 1,700 employees.
Missguided, McColl's and Made.Com.
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