New research shows that 83% of UK’s major department stores closed over the last five years. According to data compiled by commercial property information firm CoStar Group, seen by the BBC, there were 467 big department stores across the country in 2016; today, there are just 79. These store closings open up new possibilities.
The figures are yet another reminder of the struggle faced by physical stores when competing with online competitors in an increasingly digital world. CoStar Group research shows that 149 Debenhams stores are still vacant.