The retail industry in Britain had a "brutal" year in 2022, with more stores closing than at any other time in the previous five years. Industry groups predict that 2023 will be just as difficult. According to a study by the Centre for Retail Research, on average, 47 stores closed their doors for the last time each day last year.

According to numbers, 17,145 shops on high streets and in other places were discovered to have permanently closed in 2022. This is an increase of nearly 50% over the 11,449 stores shut down in 2021 due to the Covid pandemic.

The CRR also reported that, including those from online retailers, 151,474 retail jobs were lost in 2022 across the UK, a 43% increase from the 105,727 jobs lost the year before.

Records revealed that 11,636 stores were closed as a result of cost-cutting initiatives by big retailers or independents closing their doors permanently, while 5,509 stores were shut down as a result of retailers going out of business or entering some other form of insolvency.

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However, because the majority of the underperforming stores had already failed in prior years, the number of store closures brought on by large chains—those with 10 or more outlets—was down by 56%.

In 2022, a number of retailers went out of business, including the chain of convenience stores McColl's and the clothing retailer Joules. In the end, Next and the founder of Joules worked together to rescue the company, and Morrisons acquired McColl's; however, both transactions resulted in the closure of stores and the loss of jobs.

Independent businesses closed 11,090 stores last year, compared to 6,055 stores closed by big box stores, according to the study.

Spark in inflation 

Last year, Official figures indicated in October that British inflation rose back beyond 10% in September, owing to increasing food costs in a country plagued by a cost-of-living crisis.

The Consumer Prices Index increased to 10.1% on an annual basis, up from 9.9% in August, according to the Office for National Statistics.

The September rate matched the July level and is the highest in 40 years, owing to sky-high energy bills. "I understand that families across the country are struggling with rising prices and higher energy bills," Britain's new Finance Minister Jeremy Hunt said in a separate statement.

"This government will prioritize help for the most vulnerable while delivering wider economic stability and driving long-term growth that will help everyone."

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Market turmoil has rattled the government in the aftermath of a budget that promised unfunded tax cuts. The majority of the measures were later repealed, leaving Prime Minister Liz Truss fighting for her job.