Over the past five years, a new study reveals that more than 6,000 retail establishments in England and Wales have disappeared. London experienced the most significant reduction in retail sites, with 1,266 vanishing during the same period. Following London, the South East (-1,191), North West (-719), and North East (-672) also saw substantial declines. Analysis of data from the Valuation Office Agency conducted by tax firm Ryan indicates a net decrease of 6,045 retail properties by the end of 2020.
The study shows that many retail premises have either been demolished or repurposed for alternative uses like housing. Despite these losses, there are positive signs of recovery in UK high streets and shopping areas, as more than 13 retail stores opened weekly in the past year.
At the end of 2025, there were a total of 507,810 retail premises in England and Wales, reflecting a net increase of 723 stores compared to the previous year. Property numbers rose across all regions except for the North West, which experienced a decline of 41.
Ryan noted that the increase in numbers is partly due to retail real estate firms, such as Hammerson, subdividing empty large units into smaller units. While some retailers like John Lewis have abandoned plans to convert retail properties into rental accommodations, the report cautioned that the retail sector continues to face challenges from high business rates, increased labor costs, and consumer financial concerns.
Alex Probyn, practice leader for Europe and Asia-Pacific property tax at Ryan, highlighted that the pandemic accelerated existing structural changes in the retail sector, leading to shifts in consumer behavior and a decreased reliance on traditional retail spaces. He advised retailers to carefully review and potentially challenge their property assessments to align with market conditions.
Recent data from the Office for National Statistics revealed a 1.3% decrease in retail sales volume in April, the largest decline since May 2025. Economists had anticipated a 0.6% drop, indicating a more significant downturn than expected.
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