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Number of failed UK retailers up 20% in 2016

There was a spike in the number of UK retailers to hit the buffers in 2016, data from The Centre of Retail Research has shown.

Last year, 30 medium to large retailers went under, compared to 25 in 2015 – an increase of 20%.

The number of stores closed as a result almost doubled to 1,504 from 728 in 2015, while the number of employees affected soared to 26,110 from 6,845 the year before.

The spike was due to the closure of some larger chains, particularly BHS. The retailer, which had 11,000 staff and 164 shops, went into administration on 25 April.

The news comes as Next warned the slowdown in spending on clothing and footwear will continue into 2018 as inflation begins to erode earnings growth and the weakness of sterling causes price increases.

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