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High streets suffer as 38 stores close across Great Britain each day in 2024
PwC has launched its bi-annual openings and closures report using granular data from Green Street , which tracks over 200,000 chain outlets in over 3,500 locations to gain a picture of the changing landscape of high streets , shopping centres , retail parks and other out-of-town areas .
The latest research reinforces a trend witnessed over the last three years since the pandemic-era purge of retail , hospitality and service outlets . The peak of -2.8 % for the same period at the height of the pandemic in 2020 has recovered to a more stable landscape since 2022 .
The data for the first half of 2024 reveals a total of 6,945 outlets have closed their doors so far . This equates to an average of 38 store closures per day , a slight increase from the 36 closures per day recorded for the same period last year .
Conversely , the sector has also seen growth in new store openings . A total of 4,661 stores have opened so far in 2024 , averaging 25 openings per day . This marks a modest increase from the 24 store openings per day also recorded in the previous year .
Net closures for 2024 are 12 per day , meaning there are 2,284 fewer outlets on high streets , shopping centres and out-oftown for the first six months of the year . For the third consecutive year , no GB region has deviated by more than 0.3 % from the national average , indicating the evolution of high streets is not confined to one area .
Volvo Cars adjusts electrification ambitions
With five fully electric cars ( EVs ) already on the market and another five models in development , full electrification remains a key pillar of Volvo Cars ’ product strategy . Its long-term aim remains to become a fully electric car company , and it also aims to reach net zero greenhouse gas emissions by 2040 .
While Volvo Cars will retain its position as an industry leader in electrification , it has now decided to adjust its electrification ambitions due to changing market conditions and customer demands .
Going forward , Volvo Cars aims for 90 to 100 % of its global sales volume by 2030 to consist of electrified cars , meaning a mix of both fully electric and plug-in hybrid models – in essence , all cars with a cord .
The remaining 0 – 10 % will allow for a limited number of mild hybrid models to be sold , if needed . This replaces the company ’ s previous ambition for its line-up to be fully electric by 2030 .
By 2025 , it expects the percentage of electrified products to come in between 50 and 60 %. Well before the end of this decade Volvo Cars will have a complete line-up of fully electric cars available . That will allow Volvo Cars to make the move to full electrification as and when the market conditions are suitable .
There has been a slower than expected roll-out of charging infrastructure , withdrawal of government incentives in some markets and additional uncertainties created by recent tariffs on EVs in various markets . x
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