Data from accountancy firm PwC shows that half of the closures on Britain’s High Streets in the first six months of this year were pharmacies, pubs, and banks. The study showed that there were an average of 18 chemists, 16 pubs, and nine banks shutting down every week between January and June. However, only three convenience stores and one café chain had opened in their place, highlighting the significant changes taking place in town centres.
Maureen Brewster, who owns Avoca gift shop in Pershore, Worcestershire, lost a pharmacy and its final bank in the first half of 2024. At 85 years old, she said that the loss of the bank ultimately forced her to sign up for online banking, but the absence of a bank or ATMs means she cannot use her card machine for transactions under £5. She said that “it’s not good for me or my customers.”
“The challenge for High Streets is that things like banks, pubs, and chemists give people a reason to visit on a regular basis. But there’s also been a long-term shift in doing many things online, so there’s less need for physical locations,” said Kien Tan, senior retail adviser at PwC. The data covers businesses with more than five outlets and includes everything from retail and hospitality to gyms, banks, and hairdressers. Although more than 4,600 outlets opened, up from the same period a year ago, it wasn’t enough to make up for the number of businesses that shut.
Chemists led the number of closures as Boots axed shops, and the Lloyds Pharmacy chain disappeared completely. Convenience stores performed the best, as supermarkets like Morrisons and Asda opened new outlets. The one bright spot was retail parks, where chains opened more space for the second year in a row with new drive-throughs in big demand.
Despite more than 4,600 outlets opening, more than 2,000 outlets closed, which was a slightly bigger decline than the previous year. “We’ve been measuring this for over a decade now, and every year there have been more outlets closing than opening, and it predominantly affects High Streets,” said Kien Tan. He added that “the reality is that we’re going to have to start thinking of different ways of using and transforming them.
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