PWC Reports Marginally Quicker Recovery in Retail Parks vs High Streets
- High street chain stores closed at the slowest rate since 2014
- 11,530 chain outlets closed, but 7,903 opened in H2 2022
- Overall net closures at lowest number in over seven years
- Regional variations nearly gone with less than one percentage point difference
- Retail parks most resilient to closures
High street chain stores closed at the slowest rate since 2014 in H2 2022, according to PwC data. A total of 11,530 chain outlets with five or more stores exited GB high streets, shopping centers, and retail parks, averaging 32 closures per day. However, chain store openings saw positive growth at a rate of 7,903 stores, an average of 22 per day – the highest since 2019. This resulted in overall net closures at their lowest in over seven years with just 10 net closures per day, less than half the level seen in 2020 and 2021 (33 and 29 per day respectively). The spread between regions narrowed in the first six months of 2022, continuing a trend that has led to the smallest regional variations in over seven years with less than one percentage point difference (-2.3% in West Midlands vs -1.3% in South East). PwC noted a marginally quicker recovery in retail parks compared to high streets.
Factuality Level: 9
Factuality Justification: The article provides accurate information about the rate of chain store closures and openings, regional variations, and the resilience of retail parks. It is based on data from a reputable source (PWC) and presents objective information without any clear signs of sensationalism or personal perspective.
Noise Level: 7
Noise Justification: The article provides relevant information about the rate of chain store closures and openings, but could benefit from more analysis or context on the factors contributing to these trends and potential long-term implications.
Financial Relevance: Yes
Financial Markets Impacted: Retail sector
Financial Rating Justification: The article discusses the rate of chain store closures and openings, which impacts financial markets as it reflects the health of the retail sector and can affect the performance of related companies.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: There is no extreme event mentioned in the text. The article discusses the rate of chain store closures and openings, but it does not indicate any significant impact or consequences.
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