PwC: Store closures in Scotland reach their lowest level in six years

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According to a new badysis, the number of store closures in major Scottish streets has fallen to its lowest level in six years.

There were 265 closures in eight Scottish cities in 2018, compared with 146 new store openings.

This means a net loss of 119 from a record 148 in 2017.

PwC auditors said the numbers showed that the main streets were still "destroyed by closures, with the retail landscape facing a new future".

The number of business closures was greater than the number of openings in the eight areas included in the study conducted by the local data company for PwC.

• Edinburgh and Glasgow ended the year with 32 fewer stores, with 68 and 89 closures respectively.
• In Aberdeen, 15 new stores opened but 42 closed.
• Paisley suffered the biggest impact in terms of the proportion of the total number of his workshops, down from nine to 114.
• Perth had the least closures with seven, although only four new stores opened.
• Ayr and Dundee each recorded a net loss of five stores.
• The number of stores in Falkirk increased from 130 to 124.

In the United Kingdom, there was a record net loss of 2,481 stores in the 500 largest high streets of last year.

This represents 709 net closures more than in 2017, with 3,372 stores open and 5,853 closed.

Mark Addley, of PwC in Scotland, said the decline in store closures was to be compared to openings, nearly half of the total five years ago.

He said: "There are still huge challenges ahead in our main streets."

Mr. Addley added, "We have seen victims in 2019 and we expect to see more, as retailers face a tough battle to survive, but more importantly to thrive.

"To be in the best shape possible, retailers must ensure that they have the right proposal and the investment required to make it a reality."

In 2013, a total of 303 stores closed down to 312 the following year.

This figure dropped to 280 in 2015 before peaking at 366 in 2016.

In 2017, the number of closures dropped to 290, but a significant reduction in new openings resulted in a record net loss of 148 stores.