A record net 2,481 stores disappeared from Great Britain’s top 500 high streets in 2018. In total, 3,372 shops opened, compared to 5,853 closures. This is 40% more than the year before, as the net loss of stores was 1,772 in 2017, according to PwC research compiled by the Local Data Company (LDC). Five years earlier, in 2013, the number of net store closures was just 371.

The number of store openings by multiple retailers on Great Britain’s top 500 high streets has dropped by 17.4% year-on-year with the current rate of openings at just nine stores per day. This represents a 44% decrease from the 16 stores per day opening in 2013.

Relative to 2017, the rate of store closures in 2018 remained at 16 stores a day. However, the shortfall between openings and closures reached its highest level since the beginning of the decade, as withdrawals from the high street were further dented by a historic low number of store openings.

Lisa Hooker, consumer markets leader at PwC, said: “The results are clear - 2018 was a turbulent year for retailers with a number of high profile store closures. We saw an acceleration in footfall decline on the high street with businesses continuing to see the impact of online shopping, increasing costs and subdued consumer spending.

“It’s interesting that the marked reduction in openings has accelerated the net closure trend. In categories as diverse as fashion and financial services, new entrants are able to gain share by launching online - enabled by technology and consumer adoption of mobile and e-commerce - rather than be saddled with the costs and risks of opening on the high street.