
Store Openings and Closures 2024
A long-term view of openings and closures: a move towards stability?
A long-term view of openings and closures: a move towards stability?
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Growth in demand for UK hotel accommodation is expected to stall in 2025, with the pain likely to be shared equally across London and the regions.
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After the biggest drop in over two years, consumer sentiment has reached 2024’s lowest level. While economic indicators remain strong, with inflation stable, real wages increasing and more interest cuts likely, this hasn’t translated into optimism among consumers.
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A consumer spending revival may be on its way for the second half of 2024. Favourable economic indicators, combined with the highest consumer sentiment in three years, could fuel a more positive finish to the year for some retailers. While there’s an intention for more spending, the majority of consumers are planning cutbacks.
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The impact of the increase in the National Living Wage (NLW) on labour costs in 2024 is forecast to hit UK hotels, particularly in the regions. This will put the spotlight once again on the need for top line growth and smarter cost control to maintain or improve profitability.
Headline results show an acceleration in store closures as more chain stores exit the high street, but is this likely to repeat in 2024?
Global FDD Leader and Retail, Consumer and Leisure Specialist, PwC United Kingdom
Tel: +44 (0)7802 882562
Leader of Industry for Consumer Markets, PwC United Kingdom
Tel: +44 (0)7850 515966