About 47 sites shut up shop for the last time every day in 2022, marking a bruising year for the retail sector.
More shops closed their doors than at any other point for at least five years, according to new analysis.
A study by the Centre for Retail Research found that 17,145 shops on high streets and other locations across the country closed in 2022.
This was up by nearly 50 per cent on 2021, when 11,449 shops shut.
The group’s research found that a little more than 5,500 of the shops went under, while more than 11,600 of them were closed as a larger chain decided to cut its costs.
But the researchers found there had been a 56 per cent drop in shops being closed because larger retailers, with 10 or more sites, went out of business.
They said many of the chains that were going to fail already had in recent years. But Joules, McColl’s and TM Lewin among others still went under.
“Rather than company failure, rationalisation now seems to be the main driver for closures as retailers continue to reduce their cost base at pace," said the Centre for Retail Research’s director, Prof Joshua Bamfield.
Prof Bamfield said the trend was likely to continue this year, but added that a few “big hitters” could also go under.
The centre said that more than 151,000 retail jobs had been lost in the UK last year, including from online retailers. This was an increase of more than 45,000 on the year before.
UK's finance minister says he is focused on bringing down inflation as economy shrinks - video
The real estate adviser Altus Group said that retailers and landlords would have to pay almost £1.1 billion ($1.3bn) from April 1 to cover the business rates on empty sites. These are sites that have been empty for three months.
“Rate-free periods need to be urgently extended to reflect the time that it actually takes to re-let vacant properties," said Robert Hayton, the UK president of Altus Group.
“The current woes facings the retail sector, driven by the war in Ukraine, mean that empty rates are ripe for modernisation.”
'Top Gun: Maverick'
Rating: 4/5
Directed by: Joseph Kosinski
Starring: Tom Cruise, Val Kilmer, Jennifer Connelly, Jon Hamm, Miles Teller, Glen Powell, Ed Harris
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
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JUDAS AND THE BLACK MESSIAH
Directed by: Shaka King
Starring: Daniel Kaluuya, Lakeith Stanfield, Jesse Plemons
Four stars
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
UAE currency: the story behind the money in your pockets
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
THE TWIN BIO
Their favourite city: Dubai
Their favourite food: Khaleeji
Their favourite past-time : walking on the beach
Their favorite quote: ‘we rise by lifting others’ by Robert Ingersoll
Premier League results
Saturday
Crystal Palace 1 Brighton & Hove Albion 2
Cardiff City 2 West Ham United 0
Huddersfield Town 0 Bournemouth 2
Leicester City 3 Fulham 1
Newcastle United 3 Everton 2
Southampton 2 Tottenham Hotspur 1
Manchester City 3 Watford 1
Sunday
Liverpool 4 Burnley 2
Chelsea 1 Wolverhampton Wanderers 1
Arsenal 2 Manchester United 0
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
