Britain's high streets endured another harsh year in 2024, with an average of 37 shops shutting down every day, according to data from the Centre for Retail Research.
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00:00Britain's high streets endured another harsh year, with an average of 37 shops shutting
00:06down every day, according to data from the Centre for Retail Research. A total of 13,479
00:13stores permanently closed last year, marking a 28% increase from 2023, though the losses
00:19were less severe than those recorded between 2019 and 2022. Big-name casualties of the
00:24year included Homebase, The Body Shop, Lloyd's Pharmacy, Carpetright and Ted Baker, leaving
00:29gaps in shopping centres and high streets across the country. Professor Joshua Bamfield,
00:34the Research Director at the Centre for Retail Research, described the findings as alarming.
00:39His group anticipates store closures to rise to 17,350 this year, with nearly 15,000 of
00:46those closures coming from independent retailers. Adding to the burden, retailers are bracing
00:51for an increase in business rates. A planned reduction in the business rates discount from
00:5675% to 40%, announced in the autumn budget, will see average rates bills jump. What do
01:01you think needs to be done to help our high streets?