COVID-19 pandemic accelerated store closures in the first half of the year

New Ideas in MarketingEssential news for marketers, summarised by YouGov
October 19, 2020, 5:36 PM UTC

Shop closure rates have nearly doubled in the H1 2020, as opposed to the same period last year, according to PwC.

The net decline in the first half of 2019 was 3,509, and the net decline recorded this year’s first half was 6,001. Around 11,120 chain stores were closed in 2020 H1, while only 5,119 opened.

The impact of local lockdowns along with other restrictions like 10 PM curfew would continue to cause more closures into 2021. Another recent report by The Centre for Retail Research found that a total of 14,000 retailers and 125,000 retail jobs were affected by the pandemic.

PwC consumer markets leader Lisa Hooker pointed out that consumers are taking an interest in local high street. She further added the positive news is “retail will come out of this smaller but stronger.”

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