Critics, including Alex Probyn, president of Altus Group, have pointed to the increase in business rates as a significant factor negatively impacting high streets, despite Labour's manifesto recognizing this burden.

Looking ahead, Prof. Joshua Bamfield of the Centre for Retail Research predicts that retail store closures will escalate in 2025, potentially reaching around 17,350, with independent retailers expected to account for about 14,660 of those closures.

In 2024, independent retailers accounted for a staggering 84.1% of all store closures, with a 45% increase in shutdowns compared to the previous year, according to the Centre for Retail Research.

In response to the ongoing challenges, Labour's 2024 general election manifesto proposed a replacement for the current business rates system in England, aiming to create a fairer framework to support high streets against online competition.

While the closures in 2024 were less severe compared to the years 2019-2022, the overall situation remains concerning and indicative of broader issues within the retail sector.

The UK saw approximately 13,500 retail shop closures in 2024, translating to a loss of about 37 stores per day, marking a 28% rise from the previous year.

Of these closures, 7,537 were the result of insolvency proceedings, while 5,942 were due to cost-cutting measures implemented by retailers.

Notable chains that went under in 2024 included Homebase, The Body Shop, Lloyds Pharmacy, Carpetright, and Ted Baker, contributing to the growing number of empty storefronts across the UK.

Starting in April 2025, the business rates discount will drop from 75% to 40%, which will significantly increase the average shop's rates bill from £3,589 to £8,613, further complicating trading conditions for retailers.

This wave of closures has led to nearly 170,000 retail employees losing their jobs, underscoring the ongoing employment crisis within the sector.