THE high street has taken a hit in recent years with more than half a dozen chains shutting vast swatches of stores between them.
Big brand names have crashed into administration leaving empty shop fronts in villages, towns and cities across the UK.
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This includes M&Co, Paperchase, popular discounter Wilko and in more recent months Ted Baker and The Body Shop.
Many retailers have been forced to act and close stores in recent years, especially following the Covid-19 pandemic.
Figures from the Centre for Retail Research revealed that over 10,000 shops closed permanently in 2023, with almost 120,000 jobs lost.
This was down from 2022, when 151,641 jobs were lost and over 17,000 shops closed their doors for good.
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High energy and wage costs have piled pressure on businesses while high inflation has seen shoppers hold off on spending their hard-earned money.
It has seen some retailers grappling with budgets and forcing them into closing some of their stores in a bid to cut costs and stay afloat.
Others have been forced to call in administrators to try and balance bank balances.
But it’s not all bad news as some have since announced plans to make a comeback, whether that be through opening physical stores or relaunching online.
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Recent figures from the British Retail Consortium (BRC) also reveal retail sales were up 3.5% between March 2023 and March this year.
The trade association said food sales increased by 6.8% year on year, driven by an earlier than usual Easter.
Retailers opening shops in 2024
Ted Baker
No Ordinary Designer Label (NODL), owned by Authentic Brands Group (ABG) and trading as Ted Baker, fell into administration in March after years of turmoil.
Administrators have already confirmed 15 stores are set to close from within a matter of days in a blow for the high street.
If the closures go ahead it will see 220 store members lose their jobs, on top of 25 head office staff set to be made redundant.
However, there may be hope for the ailing retailer as House of Fraser and Next are reportedly eyeing up a deal which could see some of the branches saved from closure, according to The Times.
Problems for Ted Baker started in 2019, when its founder Ray Kelvin quit following allegations of harassment.
Why are retailers closing stores?
RETAILERS have been feeling the squeeze since the pandemic, while shoppers are cutting back on spending due to the soaring cost of living crisis.
High energy costs and a move to shopping online after the pandemic are also taking a toll, and many high street shops have struggled to keep going.
The high street has seen a whole raft of closures over the past year, and more are coming.
The number of jobs lost in British retail dropped last year, but 120,000 people still lost their employment, figures have suggested.
Figures from the Centre for Retail Research revealed that 10,494 shops closed for the last time during 2023, and 119,405 jobs were lost in the sector.
It was fewer shops than had been lost for several years, and a reduction from 151,641 jobs lost in 2022.
The centre’s director, Professor Joshua Bamfield, said the improvement is “less bad” than good.
Although there were some big-name losses from the high street, including Wilko, many large companies had already gone bust before 2022, the centre said, such as Topshop owner Arcadia, Jessops and Debenhams.
“The cost-of-living crisis, inflation and increases in interest rates have led many consumers to tighten their belts, reducing retail spend,” Prof Bamfield said.
“Retailers themselves have suffered increasing energy and occupancy costs, staff shortages and falling demand that have made rebuilding profits after extensive store closures during the pandemic exceptionally difficult.”
Alongside Wilko, which employed around 12,000 people when it collapsed, 2023’s biggest failures included Paperchase, Cath Kidston, Planet Organic, Snug and Tile Giant.
The Centre for Retail Research said most stores were closed because companies were trying to reorganise and cut costs rather than the business failing.
However, experts have warned there will likely be more failures this year as consumers keep their belts tight and borrowing costs soar for businesses.
The Body Shop and Ted Baker are the biggest names to have already collapsed into administration this year.
Several profit warnings, a statement advising the stock market company profits will be lower than expected, followed.
And in 2020, the retailer said it would axe 160 jobs, branding 2019 a “challenging year”.
The Body Shop
The Body Shop collapsed into administration in February putting its almost 200 stores at risk of shutting.
Administrators have since earmarked 82 of its branches for permanent closure.
Sixty six stores have already closed for good, including seven which shut with immediate effect in February.
But it’s not all bad news as the health and beauty chain isn’t disappearing from the high street completely.
The remaining 116 branches run by The Body Shop will continue operating as normal for now.
Administrators FRP Advisory said the retailer would also be focusing more on online sales and wholesale.
Wilko
Wilko tumbled into administration last August before a flurry of potential buyers expressed an interest in buying the retailer.
But sadly, a buyer for the whole business couldn’t be found and it then announced that all 400 shops would close.
However, a number of other chains stepped in to purchase some of the chain’s former stores, including Poundland, which bought 71.
B&M also agreed to buy up to 51 locations in a £13million deal.
In September, administrators confirmed they had also agreed the sale of the retailer’s brand name to The Range in a £5million deal.
And in a shock announcement, CDS Superstores, which trades as The Range and Wilko, revealed it would relaunch the stores across Britain’s high streets.
Branches have already opened in Plymouth, Luton and Exeter.
Paperchase
Fans of Paperchase were devastated when the retailer disappeared from the high street in April last year.
Its 134 shops all closed after it fell into administration, including its concession stands in Next and Selfridges.
However, supermarket giant Tesco bought the rights to the brand and announced in early October that it would be returning just in time for Christmas.
At the end of October, the brand made its comeback and landed in a total of 250 Tesco supermarkets.
This is the full list of stores now stocking Paperchase products.
M&Co
M&Co, previously called Mackay’s, fell into administration for the second time in two years in December 2022.
Administrators at Teneo put the bust business up for sale with an auction deadline for interested buyers.
M&Co’s brand and intellectual property were sold to Yours Clothing.
The chain’s 170 shops were not part of the deal though and all sites closed their doors in the first quarter of this year.
In May, Yours Clothing announced it was set to launch a brand-new M&Co website in June and plans for an app.
The new site launched with womenswear products, including curve and petite clothing, with new ranges to follow in the future.
It then also announced that it is planning to open 50 physical M&Co stores over the next two years in a surprise turnaround.
Cath Kidston
Popular chain Cath Kidston, which once boasted hundreds of shops around the world, closed the last of its stores for good last June.
It first collapsed into administration in April 2020 with the closure of 60 UK stores and the loss of 908 jobs.
The brand was bought by Next after falling into administration again in March – but the sale didn’t include the physical shops.
Next bought the brand name, domain names and intellectual property for £8.5 million.
The four remaining standalone stores continued to trade alongside the website after the sale but closed during the summer.
The Cath Kidston website closed in June as well, and customers are now redirected to the Next website.
Argos
In January 2023, Argos announced it would be closing all of its stores in the Republic of Ireland by the end of the year.
In June the chain pulled down the shutters on 34 sites in the country, completely withdrawing from the Irish high street.
It blamed the move on the investment required to develop and modernise the Irish part of its business.
It added that the money would be better invested in other parts of its business.
Argos’ home delivery service closed to Irish shoppers in March, while click-and-collect remained available until the stores closed.
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It has also shut the doors on several sites in the UK as well, including in Wales.
Over recent years, many standalone UK Argos stores have closed and added inside Sainsbury’s supermarkets.
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