London business owners are facing uncertainty, threatening closure with little support.
Data published in Green Street shows that 371 closing businesses have not been replaced in Greater London, reflecting struggles to fill units despite the improvement since impact caused by the COVID-19 pandemic.
A stable trend in the opening and closures of stores based in Greater London (Source: PwC, Jan-June 2024)
Worries have appeared when facing unexpected circumstances, with the risk of being added to the many closures consistently occurring.
After a recent arson attack, London venue Vinegar Yard has closed one unit to recover from fire damage that has caused them to close for a short period of time.
Manager Amelia spoke about the uncertainty of jobs if the fire had caused a full closure of the site:
“I definitely think any business, zero-hour contracts, they are used in this environment of work so if something was to happen to the whole place then most of the team would be out of a job including myself, for as many weeks or months it would take to rebuild the place”
No contact or support from Southwark council was received by Vinegar Yard, alongside no confirmed schemes that support the recovery outside of post-pandemic schemes.
On reflection of the recorded openings and closures of stores in 2024, roles in supporting these businesses have been defined:
“there are still more closures than openings impacting our high streets, so we need all stakeholders including policy makers and communities to play a role in supporting, repurposing and investing in those struggling locations.”
Lisa Hooker, PwC’s Leader of Industry for Consumer Markets
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Standfirst
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HeadlineEmployees worried for future as more stores closing than opening
Short HeadlineLondoners struggle to keep businesses open
Standfirst986 London outlets have closed in the first half of 2024.
London business owners are facing uncertainty, threatening closure with little support.
Data published in Green Street shows that 371 closing businesses have not been replaced in Greater London, reflecting struggles to fill units despite the improvement since impact caused by the COVID-19 pandemic.
A stable trend in the opening and closures of stores based in Greater London (Source: PwC, Jan-June 2024)
Worries have appeared when facing unexpected circumstances, with the risk of being added to the many closures consistently occurring.
After a recent arson attack, London venue Vinegar Yard has closed one unit to recover from fire damage that has caused them to close for a short period of time.
Manager Amelia spoke about the uncertainty of jobs if the fire had caused a full closure of the site:
“I definitely think any business, zero-hour contracts, they are used in this environment of work so if something was to happen to the whole place then most of the team would be out of a job including myself, for as many weeks or months it would take to rebuild the place”
No contact or support from Southwark council was received by Vinegar Yard, alongside no confirmed schemes that support the recovery outside of post-pandemic schemes.
On reflection of the recorded openings and closures of stores in 2024, roles in supporting these businesses have been defined:
“there are still more closures than openings impacting our high streets, so we need all stakeholders including policy makers and communities to play a role in supporting, repurposing and investing in those struggling locations.”
Lisa Hooker, PwC’s Leader of Industry for Consumer Markets
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