Retail Recovery: FY 2024 Store Openings and Closures – PwC report driven by Green Street Data

Over the course of 2024, Green Street have seen that investment activity in the retail sector is gaining significant momentum. This positive shift for retail is reflected in the latest openings and closures for chain retail stores, leisure venues and service outlets across Great Britain in 2024. Last week, PwC published their bi-annual report, featuring proprietary data from Green Street, highlighting the positive shift in retail through the latest openings and closures of chain stores, leisure venues, and service outlets across Great Britain in 2024.

Openings and Closures

Green Street tracked more than 206,808 outlets operated by multiple operators across Great Britain and found that chain outlet closures have dropped to their second-lowest level in 10 years, at 12,804. This translates to an average of 35 closures per day.

Total GB Openings and Closures by year:

Daily opening figures meanwhile stayed the same averaging 25 openings per day. While this remains higher than the pandemic years, it still lags behind the pre-pandemic high of 34 per day in 2017.

Across Great Britain, the landscape remains relatively steady, with net changes ranging from -1.4% in Wales (a loss of 131 outlets) to -2.3% in the East of England (down 452 outlets). While closure rates fluctuate between regions each year, the longer-term trend over the past decade shows all regions landing within 2 percentage points of the national average for cumulative closures.

Category analysis

Convenience stores and coffee shops led the way in 2024 with more than two net openings each week, driving growth across the leisure, grocery, and value sectors. Large supermarket chains accelerated the growth of convenience stores as they continued expanding their smaller-format stores, contributing to 171 net new openings in this category. Coffee shops followed closely with 105 net additions, as they focused on expanding their out-of-town and drive-thru locations.

At the other end of the spectrum, ongoing shifts in how people live, shop, and work — alongside a handful of high-profile restructurings — drove many of 2024’s closures. With chemists, pubs and bars, banks, and car-related outlets accounting for half of all net closures.

The 2024 results show signs of recovery, with closures continuing to stabilise and a reduction in consolidation with much of the portfolios now leaner and fit for purpose. 2025 will be a challenging year, with costs rising due to new tax policies impacting margins.

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