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News - 1 March 2013

Retail chains close 20 shops per day

Figures from the Local Data Company report have revealed that over the past 12 months retailers in Britain closed an average of 20 stores a day.

The numbers of shop closures by high street chains in 2012 was 10 times the number on the year before, analysis by PwC and the Local Data Company found. The survey found that 1,779 stores were closed last year, compared with 174 in 2011.

The data, drawn from studies of 500 town centres across Britain, found that jewellers, health food shops, travel agents, and sports goods shops were among the hardest hit, along with banks, computer games and clothing stores.

However, the report also found that businesses such as pound shops, pawnbrokers, charity shops, cheque cashing and payday loan companies, betting shops, supermarkets and coffee shops all flourished.

The report showed that 7,337 store closures in England during 2012, and 5,558 store openings. The South East, West Midlands and North West were worst hit, with 376, 265 and 215 more closures than openings respectively.

Tonmoy Kumar, Manager of the Accounts Department of ABDS comments:
“Studies of the three months between December last year and February show the rate of closures could soar to 28 a day, mainly through companies falling into administration. The past few months have been particularly tough for many major high street retailers, with Blockbuster, Comet, Jessops and HMV have all collapsing.”

If you need any help and advice on Business Plans, Management Accounts, Budgets and Cash Flow Forecasts, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar NOW to discuss how ABDS can help in all your financial planning.

ABDS Chartered Certified Accountants of Southampton.
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