Store closures in the North East have slowed to their lowest rate in five years, though experts have warned that the cost-of-living crisis could create fresh problems for the retail industry.
The PwC Store Openings and Closures report for the first half of 2022 found that 257 chain stores closed in the North East while 186 opened. The net change of 71 closures is the best performance for the region’s retail sector since 2017, though it still means a decline in the number of shops.
And authors of the report, which is compiled with The Local Data Company, have warned that rising costs for retailers, coupled with customers having less money to spend, could signal a tough time for shopowners in the coming months.
