UK: Nearly 13,500 retail stores closed in 2024, independents hit hardest

New figures have shown that 13,479 retail stores across the UK closed for good over the course of 2024, an increase of 28 percent on levels from the year prior, according to provisional data from the Centre for Retail Research. This reflected a rate of around 37 store closures a day.

Almost half of the yearly figure–7,537 in total–shuttered under some form of insolvency proceedings, while a further 5,942 stores were closed through cost-cutting measures by large retailers.

Independent retailers were hit the hardest, having accounted for 84.1 percent of all store closures throughout the year. This was up on the 74.5 percent rate in the year prior. The number of stores owned by independent retailers closing in 2024 also rose by 45.5 percent YoY.

It appears things may not get any better in 2025. Market conditions are expected to worsen in the coming year, particularly in the wake of the Autumn Budget, which will see the business rates discount be cut from 75 to 40 percent from April.

In a statement, president of property tax at Atlus Group, Alex Probyn, said the new measures were “foolhardy” following a “brutal” 2024 for independents, and came despite the Labour party’s prior recognition of the “undue burden business rates place on our high streets”.