BRITISH retailers closed more stores than they opened in the first half of the year, with around 20 shops a day pulling down their shutters, a study has revealed.
The report, by PwC and the Local Data Company, examined 500 town centres in the UK and found toy shops, clothes and furniture retailers, jewellers, card & poster shops and furniture stores were the worst hit.
In contrast, discount stores, convenience stores, coffee shops, bookmakers and charity shops all showed growth in the first half.
The report showed the number of closures has increased to 32 per day for July and August due to administrations, like that of sports good seller JJB.
“Retailers in distress have too many locations,” Mike Jervis, PwC insolvency partner said.
“Retailers need to face that reality and formulate a strategic plan...with landlords, not in confrontation with them.”