Retail chains shutting 30 shops a day across the UK
retail: Retail chains are shutting shops at a rate of more than 30 a day across the UK, research has revealed.
Figures show that nationwide retailers closed 32 stores a day in July and August, up from 20 a day in the first six months of this year as Britain's high street suffers amid a consumer spending slump.
High-profile administrations of retailers including Game, Peacocks and Clintons saw the number of town centre chain store closures soar to 953 in the first half on a net basis – those closing less those opening.
This compared with 174 throughout the whole of last year, according to the study of 500 town centres by the Local Data Company for Price waterhouseCoopers (PwC).
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Among the retailers to have collapsed in recent months, 133 JJB Sports stores are to close across the country despite a deal to sell 20 to rival Sports Direct International.
Many chains are also pulling out of loss-making sites and putting expansion plans on hold to weather tough trading conditions.
Mike Jervis, PwC insolvency partner and retail specialist, said many retailers are failing because they are tied into long, onerous leases that they can no longer afford.