Capital suffers biggest loss

Scotland suffers highest rate of shop closures

By a Daily Business reporter | October 25, 2016

Edinburgh suffered highest shutdowns (photo by Terry Murden) — Edinburgh saw highest shutdowns (photo by Terry Murden)

Stores are closing in Scotland at a faster rate than elsewhere in the UK, according to new figures.

In the first half of year 203 shops closed compared to 140 in the first half of 2014 and 2015.

The number of stores opening in Scotland in the same period – 116 – was 21 higher than last year, but 17 lower than in 2014.

The figures were compiled by PwC and the Local Data Company.

The 2.7% fall in the overall number of shops in those locations in the survey was more than three times the UK average fall of 0.8%.

Bruce Cartwright, head of business recovery services for PwC in Scotland, said: “In general, we are seeing far fewer closures due to outright insolvencies, but more due to lower key restructuring of store portfolios.”

Topping the list of closures were satellite TV equipment and services specialists while coffee, fashion and charity shops also fell.

Falkirk was the only location to see a rise, though by just one store. Glasgow saw net loss of 18, while Edinburgh had the highest number of new shops at 36 and also the highest number of closures at 82.