The number of net shop closures in the North East hit its lowest level in six years in 2022, though new figures show the retail sector is still in decline.
Data from PwC and the Local Data Company showed that 471 chain stores closed in the region last year with 349 opening. The difference of 122 is the lowest rate of net closures since 2016. PwC described the figures – which mirror the national picture – as “remarkably positive” and said “there are plenty of reasons for optimism” despite a tough period for the retail sector and the challenges facing the economy generally.
Last month the Eldon Square shopping centre in Newcastle revealed that it was at 97% occupancy after a number of openings while research from the British Retail Consortium (BRC) showed a number of retailers are now investing in store openings on the high street.
