Shop closures at lowest level in Scotland since 2017

The rate that stores in Scotland are closing has dropped to its lowest level since 2017, according to a report.

PricewaterhouseCoopers (PwC) has released its latest bi-annual report, which found the average number of closures equates to fewer than one shop a day.

Using data supplied by specialists at Green Street, the report tracks more than 200,000 outlets in over 3,500 locations around the UK.

In the first six months of 2024, fewer than three stores closed per day, with two new stores opening at the same time – resulting in net closures of less than one shop a day.

In the same time-frame, 457 stores shut down and 335 were opened, lowering the net loss to 122.

With the overall reduction at minus 0.8%, Scotland’s closures rate for the first half of 2024 is lower than the rate of 1.1% for the same period in 2023, and represents the lowest rate of closure since the first half of 2017 (minus 0.5%).

It is also lower than the UK average of minus 1.1%.

The analysis shows retail parks remain the most resilient outlet type, with a rate of minus 0.3% closures in Scotland, versus minus 0.8% for high streets and minus 0.9% for shopping centres.

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Ross Marshall, partner at PwC Scotland, said: “Across Scotland, net store closures are stabilising, and there continues to be a shift towards consumers prioritising experiences, time spent with family and friends, and convenience.

“The way we shop and use our high streets is still evolving, but that doesn’t mean members of the public don’t value their local high streets.

“Our recent good growth for cities index showed that, as an economic performance indicator, Scots placed a higher weighting on the quality of high streets than the UK average.

“As the popularity of online shopping shows no sign of waning, and consumers value the perks of retail park destination shopping – like free parking – there’s a need for policymakers to come together with communities and other key local stakeholders to support the adaptation and long-term future of our high streets.”

David Lonsdale, director of the Scottish Retail Consortium, said: “Retailers have shown tremendous fortitude and resilience to come through the tribulations of the past few years of pandemic and costs crunch.

“Nonetheless, it remains a testing time with household finances and spending becalmed and retailers striving to trade profitably in the face of increases in government regulation and rises in the business rates levied on shops and other high street premises.”