Last year was a tough year for the UK retail industry, with an average of 47 stores closing per day. The post writes about it live business With reference to data from the Retail Research Center.
According to the centre’s analysis, 17,145 stores were closed in the country in 2022, almost 50 percent above the previous year’s figure of 11,449. At the same time, 5,500 stores went bankrupt and 11,600 stores were closed due to the retail chains’ decision to cut costs.
Professor Joshua Bamfield, Director of the Center for Retail Studies, explained that retail chains continue to cut costs and this trend is likely to continue into 2023. He also predicts that several “big players” may go bankrupt.
British Treasury Secretary Jeremy Hunt acceptedthat inflation and rising prices affect the life of British society. He added that difficult decisions must be made to combat rising prices.