Nearly 13,500 shops shuttered, up 45.5% year on year
- 13,500 shops closed in 2024
- 28.4% increase from 2023
- 7,537 stores closed through insolvency proceedings
- 5,942 stores closed due to cost cutting measures
- Independent retailers responsible for 84.1% of closures in 2024
- Independent retailers accounted for 74.5% of closures in 2023
- Centre for Retail Research predicts 17,350 store closures in 2025
- 14,660 closures expected to be from independent retailers in 2025
In 2024, nearly 13,500 shops closed, marking a 28.4% increase from the previous year’s 10,494 closures. Independent retailers, which accounted for 84.1% of all store closures in 2024, experienced a 45.5% year-on-year rise. The Centre for Retail Research anticipates 17,350 stores to close in 2025, with independent retailers responsible for around 14,660 of those closures.
Factuality Level: 9
Factuality Justification: The article provides accurate and objective information about the number of store closures, the reasons behind them, and expert opinions on the situation. It presents data from a reliable source (the Centre for Retail Research) and includes relevant details without any unnecessary digressions or sensationalism.
Noise Level: 7
Noise Justification: The article provides relevant information about the increase in store closures and insights from the Centre for Retail Research, but it could benefit from more analysis or context on the reasons behind these closures and potential long-term trends or solutions.
Financial Relevance: Yes
Financial Markets Impacted: Yes
Financial Rating Justification: The article discusses the closure of shops and insolvency proceedings, which can impact financial markets through affecting retail stocks and companies’ performance.
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 text and it’s not the main topic. The article discusses store closures and their increase, but it doesn’t qualify as an extreme event.
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