Record number of UK stores shut down in 2018

Britain's top high streets lost a record 2,481 shops last year with an average of 16 closures per day.

According to the latest report from consultants PwC, in recent years high streets have been hit by lower footfall, increasing costs and a shift to online shopping which has led to these shutdowns.

The analysis also showed that banks, fashion retailers and electrical stores were among the most affected.

A large number of pubs and bars were also impacted, with 506 outlets shutting down.

Lisa Hooker, a spokesperson for PwC, said "tough decisions" would need to be made in the next few years.

She said: "The results are clear - 2018 was a turbulent year for retailers with a number of high profile store closures.

"It is no accident that the retail sector is losing jobs and stores while the raft of business costs continue to expand.

"Retail is undergoing a period of unprecedented change in response to new technologies and changing consumer behaviour.

"Unless the government reforms the broken Business Rates system and looks to review the multitude of business cost, we are likely to see further store closures and job losses."

Regarding location, the areas worst off were Greater London, the South East and the East of England.

Greater London recorded 528 closures, around 57% more than in 2017.

These store closures also took their toll in human terms, with an estimated 150,000 jobs lost as a result in 2018.