UK loses 83% of shopping centers in five years

UK supermarkets have become an endangered species. The country has lost 83% of them since the collapse of the BHS chain in 2016, reflecting how hard its main streets have been affected by the online shopping boom and pandemic.

Only 79 stores remain open, compared to 467 five years ago, according to data collected in July from commercial property information firm CoStar Group.

Furthermore, two-thirds of those closed buildings are still unoccupied. 237 new companies have not yet been acquired, while only 52 have plans to transfer to another company or for other use.

The bleak numbers highlight the rapid degree of decline in physical retail, and online retail has taken the high streets down along with the Covid-19 pandemic.

“The data undoubtedly highlight the acceleration of change in the retail sector in recent years, which has exacerbated the pandemic,” he told the BBC.
CoStar Senior Analyst Mark Stansfield.

“We are seeing more and more forward-thinking property owners stepping onto the issue and reconfiguring key assets in our urban centers to provide a focal point for renewal,” he continued.

“I think we will see more plans emerge in the coming months. With the closing of these stores, new opportunities are emerging,” he added.

The CoStar Group said the BHS was a perfect example of the problems for high street businesses. The cheap clothing and home goods chain collapsed five years ago, but since then a quarter of its old stores have remained empty.

CoStar data shows, a recent case, that it still has 149 stores vacant.