Thu Sep 12 00:51:59 UTC 2024: ## Scottish Store Closures Drop to Lowest Level Since 2017
**Edinburgh, Scotland** – The rate of store closures in Scotland has fallen to its lowest point since 2017, according to a new report by PwC. The bi-annual report, which analyzes data from over 200,000 outlets across the UK, found that fewer than one store closed per day in the first half of 2024.
This represents a significant improvement from the previous year, when the closure rate stood at 1.1%. The report attributes this positive trend to a combination of factors, including the shift towards prioritizing experiences, convenience, and time spent with family and friends.
“Across Scotland, net store closures are stabilising, and there continues to be a shift towards consumers prioritising experiences, time spent with family and friends, and convenience,” said Ross Marshall, partner at PwC Scotland.
Despite this positive trend, the report also highlights the ongoing challenges faced by retailers. The popularity of online shopping and the growing appeal of retail park destinations, with perks like free parking, are putting pressure on traditional high streets.
“The way we shop and use our high streets is still evolving, but that doesn’t mean members of the public don’t value their local high streets,” added Marshall. “As the popularity of online shopping shows no sign of waning, and consumers value the perks of retail park destination shopping – like free parking – there’s a need for policymakers to come together with communities and other key local stakeholders to support the adaptation and long-term future of our high streets.”
David Lonsdale, director of the Scottish Retail Consortium, echoed this sentiment, noting that retailers are still navigating a challenging environment, with rising costs and increased government regulations impacting their profitability.
“Retailers have shown tremendous fortitude and resilience to come through the tribulations of the past few years of pandemic and costs crunch,” said Lonsdale. “Nonetheless, it remains a testing time with household finances and spending becalmed and retailers striving to trade profitably in the face of increases in government regulation and rises in the business rates levied on shops and other high street premises.”
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