Rate of store closures in Scotland at their lowest in three years

dailyrecord.co.uk:

The rate stores are closing in Scotland is at its lowest since 2019, a report has shown. During the first half of this year, 536 businesses north of the border closed their doors, while 356 shops were opened - resulting in a net loss of 180 stores managed by retailers who have more than five outlets.

With the overall reduction at minus 1.2%, Scotland's closure rate has improved from the first six months of last year, when it was minus 2.8% and sits just shy of the pre-pandemic rate of minus 1.1%.

However the rate still remains above the UK average of minus 1.1%. The latest Store Openings and Closures report, from PwC and The Local Data Company, looked at a total of 11 UK countries and regions to gather data.While the spread of store closures in Britain is at its lowest for seven years, the proportionate rate of closures in Scotland in the first half of the fiscal year for 2022 was fourth fastest of the 11 areas examined.Only Greater London (minus 1.3%), the West Midlands and East of England (both minus 1.4%) have seen a greater net decrease in multiple retailers.Lisa Hooker, industry leader for consumer markets at PwC UK, said while the outlook is better than it was during the height of the pandemic, the net numbers equate to 12 closures a day in the UK in the first half of this year.

Overall recovery is being driven by leisure, the report said.This is due to post-pandemic pent-up demand, with leisure operators across the UK making up three of the four fastest-growing categories.Takeaways have been boosted by the growth of home delivery, and their ability to operate throughout lockdowns.The restaurant sector has seen a resurgence, with new chains expanding quickly into empty spaces and taking advantage of lower rents