In 2024, Greater London experienced a net closure of one store daily, with 1,947 stores shutting down and 1,383 opening. This resulted in a closure rate of -1.9%, reflecting an improvement from the previous year's rate. While still above the national average, the closures signify a stabilizing trend in London's retail sector as it recovers from pandemic-induced challenges. Experts note opportunities for growth through innovation and technology within the retail landscape, emphasizing an evolving high street that meets consumer demands.
Five stores closed each day in Greater London in 2024, with four new stores opening, resulting in net closures of one store per day.
London felt the impact of the pandemic profoundly, and it required time for the retail sector to adjust to the new post-pandemic landscape.
While retailers continue to face challenges, there are ample opportunities to unlock growth by embracing innovation, harnessing technology, and adopting omnichannel strategies.
Retail is witnessing a promising recovery as chain outlet closures fall to their second lowest level in a decade, with 12,804 closures reported.
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