Near 50% increase in retail shop closures in 2022

This is a near 50% increase seen from the 11,459 figure seen in 2021 and is the highest recorded in five years. These are figures gross and do not take into account new store openings.  

Broken down, 11,636 were due to rationalisation programmes by large retailers or independents shutting up shop for good, while 5,509 were due to some form of insolvency proceedings.  

The number of retail jobs lost also jumped, with more than 150,000 posts closed – up 43% when compared to 2021.  

The number of stores closing because a parent chain with more than 10 stores went under, however, fell with closures in that category being 56% lower in 2022 than in 2021.  

Professor Joshua Bamfield, director of the CRR, said rationalisation seemed to be the “main driver for closures as retailers continue to reduce their cost base at pace", and he expects this trend to continue in 2023.