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Independent shops shut in increasing numbers
January 2, 2023
The pace of store closures in the UK accelerated in 2022 as Covid-era support measures were withdrawn, with rationalisation rather than insolvency the main reason for shops shutting, according to a study reported in the Financial Times.
The Centre for Retail Research found that more than 17,000 shops closed last year, equivalent to 47 a day, the highest total in five years. The figures are gross and do not take into account new store openings.
Almost two-thirds of the closures cited by the CRR were among independent operators — defined as those with fewer than 10 stores. However, other studies of the retail market indicate that in many sectors closures have been largely offset by new independent ventures starting up.
Changes to business rates for retail in 2023 may help avoid more closures. The long-awaited business rates reform which has been largely welcomed by the retail property sector, will see an average reduction in rateable values (RVs) across England and Wales of 10% when coming into effect on 1 April 2023.
There is also a cap on the annual rates multiplier – it was set to increase by inflation (10.1%), but for 2023–24, it will be frozen at the current level.
A continuing benefit to small businesses is the 50% relief being given to retail, leisure and hospitality occupiers in 2022 as a result of coming out of Covid. This will be increased to 75% relief in 2023, but subject to a cap of £110,000 per business (not per property)
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