London Stores: The Retail Roller‑Coaster 2024
From the heart of the capital, a new chapter is being written on the city’s high streets. In 2024, five shops shut down every day, but at the same time four new spots sprang up—a net loss of just one shop per day. It’s like a grocery store with a “yes” and “no” scanner: the store doesn’t always get lucky.
Data 101 – Not Just Numbers, but a Story
- Green Street’s bi‑annual snapshot covers 200,000‑plus chain outlets across >3,500 spots, giving us a clear picture of how the retail squabbles are shifting.
- London took a 1,947‑store dunk while opening 1,383 new locations, meaning 564 outlets closed net.
- That’s a -1.9% drop – about a fifth less than the 2023 slump of -2.2%. Less severe, but still a little higher than the UK average of -1.8%.
- Oh, and the toughest years were 2018‑2021, when closures skyrocketed to a steep -5.8% in 2021.
Nationwide Snapshots
Across Great Britain, the net loss is now stable at -3,802 outlets on the high streets, retail parks, and shopping centres.
PwC’s Take – The Vendor Voice
Laura Morroll, Consumer Lead for London, said:
“London’s retail scene felt the pandemic punch hard. It’s taken time to pivot in the new normal. Seeing the city bounce back to pre‑Covid vibe while renovating its streets is a win.
Retailers still face hurdles, but there’s plenty of room to grow by shaking up tech, stepping into omnichannel, and unlocking fresh ideas.”
Key takeaways: The capital is healing; high streets aren’t stagnant—they’re curious, evolving spots that’ll continue to meet shoppers’ needs.
Net closures take the lead but opportunities beckon
Retail in Great Britain 2024: A Mixed Bag of Store Closures and Openings
Ever wonder how many shops are popping up or shutting down across the UK? Here’s the scoop for 2024, stripped down to the juicy details and delivered with a light‑hearted twist.
Closures – A Slight Rebound
- 12,804 store closures this year – the second‑lowest count in a decade.
- That translates to roughly 35 closures per day, a tidy drop from 2023’s 14,801.
- Only 2022 scored a better day‑average with 11,530 closures, so 2024 is improving but still a day or two behind.
In plain English: the retail apocalypse is easing a bit, though it’s far from over.
Openings – Not Quite a Boom
- New shops opened: 9,002 across England, Scotland, and Wales.
- That’s about 25 new outlets a day.
- During the pandemic, openings dipped below 20 per day, so the current pace is better.
- But it still falls short of the mid‑2010s peak of 34 daily openings.
- Compared to last year’s 9,138 openings, 2024 saw a modest decline.
Net Balance – A Tug‑of‑War
- The overall net closures for the year amount to ‑3,802.
- That means the region lost roughly 10 outlets per day.
- It’s one day less than 2023 (‑8) but still above mid‑2010s lows.
- The national negative slide narrowed from ‑2.3% in 2023 to ‑1.8% in 2024 – a sign of stability creeping in.
Regional Snapshot – From North to East
- Wales experienced the gentlest dip at ‑1.4% (131 fewer stores).
- East of England had a sharper decline of ‑2.3% (452 fewer outlets).
- Across all regions, the differences over the last decade stayed within 2 percentage points of the national mean.
Bottom Line
Retail in Great Britain is taking a steady, if unspectacular, step toward balance. Closures are slowing, openings are still catching up, and the overall drift toward zero is a promising sign that the industry may soon settle into a more sustainable rhythm.
Convenience winning, digitisation re-shaping services
Retail Realities: New Stores vs. That Big Closure Blitz
New Business Bites & Brews
In 2024, the retail map got a fresh splash of life. The convenience sector popped up with 171 new openings—supermarket giants are trimming their footfalls into pocket‑sized formats so you can snag a snack in half the time. Coffee lovers weren’t left behind either: 105 new cafés, split between breezy drive‑thrus from the suburbs and cozy city‑centre spots for the daily commuter.
- Take‑away Tales: 49 new grab‑and‑go spots added flavour to the city streets.
- Value Venture: 36 new discount outlets keeping the bargain hunters happy.
- Café Comfort: 25 more dupe‑and‑speak cafés to give the latte lovers a hip new hangout.
Closures: When the Curtain Falls
Not every headline is rosy. The year also saw a storm of closures, especially from sectors battling the digital tide.
- Financial Fast‑Forward: 396 banks and financial shops slammed the doors—sliding from last year’s 583 closures as more folks bank from their phones.
- Pharmacy Shutdowns: 604 drugstores took a hit, likely shrugging off larger, multi‑service giants.
- Fashion’s Fallout: 199 stores closed their shutters as shoppers pivoted toward online chic.
- Home Décor Dymanic: 152 décor outlets shut down with a wave of rebranding and shifts.
- Pub Plunge: 561 chain pubs closed but half of those players bounced back—now running as independents or smaller, fresher chains.
Thoughts from the Retailsmith
Jacqueline Windsor, head of Retail at PwC UK, weighed in on the scene:
“Our latest Store Openings & Closures insights paint a picture of cautious optimism for the retail sector. Stakeholders have a real chance to ride the wave, tackle current challenges and capitalize on evolving consumer behaviours.”
She added an encouraging note: “Whether it’s investing in tech to boost the customer experience or slashing the internal overhead, 2025 could be the year roaring ahead for retailers who play it smart.”
High-Streets lagging behind
Retail Parks Keep the Chain Ball Rolling: A Quick Snap of 2024
Big news for the retail scene: retail parks pulled through with a +0.4% bump in chain outlets, outpacing all other formats and nudging up by 0.1pp from last year.
What the Numbers Really Mean
- Over the past decade, just 3% fewer retail park outlets in 2024 than in 2014.
- Shopping centres took a bigger hit: 25% fewer chain outlets overall.
- High streets were the worst hit, down by almost 30% from the 2014 baseline.
That’s Not All – 2024 vs 2023
Even with the long‑term slide, the trends for 2024 are softer:
- Shopping centres: the net decline shrank from –2.5% to –1.2%.
- High street outlets: a smaller drop of –2.4% compared to the –3.3% in 2023.
Experts Take a Cautionary Gaze Forward
Zelf Hussain, Restructuring Partner at PwC UK, weighed in on what 2025 might hold:
“Despite the 2024 uptick, retailers are still bracing for more hurdles next year. Household finances are looking better, but consumer confidence remains on thin ice. Rising payroll and higher business rates due in April will squeeze margins—and that could be a real blow to high street retailers.”
Bottom Line
Retail parks are holding their ground, while shopping centres and high streets are slowly starved of chain outlets. In 2025, the big question is: can the retail world ride the wave of tighter budgets and cautious shoppers without losing ground?
