A recent study reveals that England and Wales have seen a disappearance of more than 6,000 retail establishments in the last five years. London experienced the most significant reduction in retail sites over this period, with 1,266 locations vanishing, followed by the South East (-1,191), North West (-719), and North East (-672). Analysis of data from the Valuation Office Agency by tax firm Ryan indicates a net decrease of 6,045 retail properties since the end of 2020.

The study shows that some retail premises have either been demolished or repurposed for housing or other uses. However, there are positive signs of recovery in UK high streets and shopping hubs, as more than 13 retail stores opened weekly in the past year.

As of the end of 2025, there were a total of 507,810 retail establishments across England and Wales, representing a net increase of 723 stores compared to the previous year. Property numbers rose in every region except the North West, which experienced a decline of 41 locations.

Ryan explained that the increase in numbers is partly due to the conversion of large vacant units into smaller spaces by retail real estate firms like Hammerson. Despite some retailers, like John Lewis, halting plans to convert retail properties into rental accommodations, the retail sector continues to face challenges from high business rates, increased labor costs, and consumer financial concerns.

Alex Probyn, the practice leader for Europe and Asia-Pacific property tax at Ryan, highlighted that the retail sector has undergone significant changes accelerated by the pandemic, leading to shifts in consumer behavior and a move towards mixed-use environments in high streets. Probyn advised retailers to review and challenge their property assessments based on market conditions.

In related data, the Office for National Statistics reported a 1.3% decline in retail sales volume in April, the largest drop since May 2025, surpassing economists’ expectations of a 0.6% decrease.