Retail Crisis Continues as High Streets Lose 20,000 Shops

  • Over 20,000 shops have closed since 2010 in England and Wales
  • Shops converted into homes, restaurants, or demolished
  • Total number of shops fell from 430,360 to 424,531
  • National town centre vacancy rate at a four-year high of 10.2%
  • Government commits £900m in business rates cuts for smaller retail properties
  • Tory leadership hopefuls pledge to scrap business rates for SMEs
  • Business rates represent 42% of government taxes on largest 1,000 retailers

Since 2010, over 20,000 shops have disappeared from high streets in England and Wales, according to Altus Group. Between 2010 and 2019, 20,143 shops liable for business rates were converted into homes, restaurants, or demolished. The total number of shops has fallen from 430,360 on April 1st, 2010 to 424,531 today. The Centre for Retail Research predicts a further decline of 8,500 shops in the next five years, leaving around 416,000. Vacant shops reached a four-year high of 43,302 in April. Altus Group’s Robert Hayton stated that retailers are repurposing surplus space due to online shopping growth and high business rates. The government has committed £900m in rate cuts for smaller retail properties and Tory leadership hopefuls aim to scrap rates for SMEs, but Professor Joshua Bamfield warns of the impact on larger businesses.

Factuality Level: 8
Factuality Justification: The article provides accurate and objective information about the decline in the number of shops in England and Wales, citing data from Altus Group and the Centre for Retail Research. It also discusses potential future trends and opinions from experts in the field. However, it does not include any irrelevant or sensationalist details, redundant information, or personal perspectives presented as facts.
Noise Level: 6
Noise Justification: The article provides relevant information about the decline in shops in England and Wales since 2010 and discusses potential future trends. However, it lacks a more in-depth analysis of the underlying causes and potential solutions beyond tax measures.
Financial Relevance: Yes
Financial Markets Impacted: High street retailers and commercial property market
Financial Rating Justification: The article discusses the decline in the number of shops in England and Wales, the impact on high street businesses, and the government’s efforts to reduce business rates for smaller retail properties. This affects the financial performance of these companies and the commercial property market.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in the article.

Reported publicly: www.retailsector.co.uk