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Coffee shops and takeaways 'thriving' - retailers analysis finds
Coffee shops and takeaway food outlets were amongst the retailers growing at the fastest rate during the first half of 2015, according to the latest data from PwC and the Local Data Company.
The analysis of openings and closures of multiple retailers across Great Britain, found that overall closures were at the lowest levels since 2010 but there’s also been the lowest churn rate - entries and exits - of openings and closures since 2010.
The data found that 5,138 outlets closed in 2015 compared to 4,640 openings, equating to a net reduction of 498 shops, representing a drop of 50.4% when compared to 2014, where 5,839 outlets closed compared to 4,852 openings, a net reduction of 987 shops.
Mike Jervis, insolvency partner and head of deals retail specialist at PwC, said: “The lower rate of closures in 2015 reflects optimism amongst retailers and indeed most consumer confidence indices support this. In addition, retail insolvencies are at an historical low.
“The openings are concentrated on experience type outlets, especially food and beverage and I’d also expect to see more growth in discount store openings this year. The closures reflect ongoing structured changes in retail banking and the higher regulatory hurdles facing so called ‘money shops.”
The data found that leisure chains, including food and beverage outlets, have continued to thrive with a slight increase in the net change in units from +233 (1.77%) in 2014 to +271 (+1.77%) in 2015.
Cheque cashing, banks, women’s clothes shops, fashion shops and convenience stores were amongst the hardest hit in 2015.
Matthew Hopkinson, director at LDC, added: “Whilst stability has returned overall for the chain retailers in our high streets the fact remains that they have continued to close more shops than they open and have done so since 2011 with out of town locations being a destination of choice for many with free parking, easy access and more space to service and deliver the experiences that the modern consumer demands.
“I expect the overall trend to remain the same as banks continue to close large numbers of branches, traditional comparison goods retailers rationalise store numbers and the fact that the current exceptional growth of food and beverage outlets is unlikely to continue at the same pace in 2016.”
The analysis looked at 66,180 outlets operated by multiple retailers in 500 town centres across Great Britain