Retail took a big hit in 2022 with 17,145 shops closing, a 50% increase on 2021. Large and small names alike were effected: Joules, M&Co and T M Lewin were hit hard, totalling 6,055 shop closures and 151,500 jobs lost. 1/3 of these closures were due to insolvency and the rest because of need to cut cost or rationalisation. 2023 will see these trends continue as retailers continue to struggle to with their operating costs.
