High streets suffer as shop closures rise

Fast food outlets were among the most popular new stores with 14 openings, followed by 10 convenience shops, 10 tobacconists and seven new TV equipment servicing firms.

Across Britain, the fastest-growing retailers were in leisure, hearing aids, tobacconists and Marks & Spencer food outlets.

Mark Addley, deals director at PwC Scotland, said: “The average of around one closure per day has been the Scottish average for most years since 2012 – but that will be of little comfort to people who have lost their jobs and livelihoods because of this.

“Overall, we are seeing far fewer closures due to outright insolvencies, but more due to the lower key restructuring of store portfolios.

“Where there is some good news is that Scots are also leading the way in openings and we shouldn’t lose sight of that.

“In this era of mobile banking, internet shopping and less people going to high streets, there will be change.

“What we have to see is companies adapting to that.

“And while those in retail parks may feel more secure, even there, caution has to be exercised as we are seeing companies that previously had two or more outlets in larger parks consolidating into one unit.

“This has particularly impacted on mobile phone stores.

“Looking ahead, I doubt the figures are going to improve by the end of 2017 for areas like banking as we’ve seen a number of companies announce branch closures of late, but other areas may pick up depending on the levels of tourism Scotland and Great Britain sees over the summer.”