West Mids retailers shut up shop
UK retailers closed an average of three stores every month in the West Midlands between January and the end of May this year. That's according to the latest research from the Local Data Company (LDC).
The data revealed that across multiple retailers in 300 UK town centres, clothes, shoe shops and jewellers were among the hardest hit in 2011.
However, supermarkets, convenience stores and cafes have bucked the trend showing growth in the first half of the year.
Additional research by accountant PwC indicates that, since the start of the recession, financially troubled retailers have closed, or plan to close, on average half their store portfolios.
Andy Lyon, partner and retail sector expert at PwC in the Midlands, said: "Not only are consumers reining in their spending, they are also increasingly using the internet to find the best deals and often buy online.
"Given price inflation, this has had the double impact of volume declines and an acceleration in the growth of online - both of which hurt store economics. No wonder some retail specialists are feeling the heat, especially those in discretionary categories, those without an online offer or where it's tough to create differentiation."
