As the cost of living crisis causes people to be more careful with what they spend, a number of the UK's most well-loved high-street retailers have decided to close some of their stores. Giants including B&M, TK Maxx's Homesense, Iceland and M&S have all announced closures, with many coming in the next few days and weeks.
An estimated 50 shops closed each day last year, as retailers struggled with soaring energy prices, wider inflation and online shopping, according to the Centre for Retail Research (CRR). The Coronavirus pandemic also led to a drop in footfall, putting a strain on high-street stores.
Around 15,000 stores are expected to close across the UK this year, according to the expert research and analysis foundation, with Professor Joshua Bamfield, CRR director, saying that even “big hitters” may go under.
