UK: storefront presence shrinks threefold in 2014 - report

Statistically, ,5,839 outlets closed in 2014, as compared with 4,852 openings, a net reduction of 987 shops. The net reduction in 2013 was 371, according to data from the market research company PwC which was compiled by Local Data Company (LDC), reuters.com reports.

Around 765 more traditional shops, such as clothes and shoe shops, closed and service retailers, such as opticians, travel agents, hairdressers and recruitment agencies, saw a net decline of 457. Leisure stores, including food, beverage and entertainment, continued to thrive, adding 233 stores.

Charity shops, coffee shops, tobacconists/E-cigarettes, pound shops and betting shops were also among those opening the most branches during 2014. Insolvencies in 2014 included mobile phone retailer Phones4U, film rental chain Blockbuster, pawnbroker Albemarle & Bond, and underwear shop La Senza.

The outlook for UK consumer spending, which generates about two thirds of gross domestic product, has been improving. Wages are recovering after growing by less than inflation for much of the period since the financial crisis whilst shop prices are barely rising.