Midland high street closures soar
More than 100 chain stores shut – but some areas are bucking the trend
THE West Midlands has seen more closures of chain stores than almost anywhere else in the country.
The region suffered a net loss of 113 shops (-2.2 per cent) during the first half of 2019, with only Wales seeing a higher closure rate.
Research published by PwC and the Local Data Company said the West Midlands welcomed 148 new store openings between January 1 and June 30, 2019 but waved goodbye to 261 outlets during the same period (5,177 to 5,064).
The report also revealed all UK regions suffered a net loss for the first half of 2019, with the South East and North West faring the best and the East Midlands and East of England among the worst.
The report said games shops, men’s
clothing, takeaway food and charity shops were among the hardest hit in the West Midlands while health clubs, ice cream parlours and toy shops were among those to open.
First half net losses among West Midlands retailers have increased every year since 2016 when there was 45.
Sarah Phillips, retail and consumer specialist for PwC in the Midlands, said: “We are seeing retailers operating in an increasingly challenging environment and this is particularly exasperated in city centre locations where there is a high density of retailers.
“However, the rate of closures in
the region’s cities is surprising at a time when we are seeing significant investment and regeneration taking place across the region.
“Coventry’s Cathedral Lanes development attracting restaurants and bars is a magnet for eaters and drinkers on an evening.
“Birmingham is home to one of the largest young populations in the country and is seeing significant infrastructure investment.
“With Coventry City of Culture in 2021 and Commonwealth Games 2022 bringing an international audience to the region, we can remain hopeful that this presents a huge opportunity for retailers to maximise.
“Town centre shopping centres, such as Halesowen, Solihull and Stafford, are bucking the trend with net growth or no closures.
“These are demonstrating how retailers can innovate and adapt nimbly to the environment.
“With the likes of Flannels opening in Solihull too, this will add to retail offering and put the town on the map as a shopping destination.”