About 47 sites shut up shop for the last time every day in 2022, marking a bruising year for the retail sector.
More shops closed their doors than at any other point for at least five years, according to new analysis.
A study by the Centre for Retail Research found that 17,145 shops on high streets and other locations across the country closed in 2022.
This was up by nearly 50 per cent on 2021, when 11,449 shops shut.
The group’s research found that a little more than 5,500 of the shops went under, while more than 11,600 of them were closed as a larger chain decided to cut its costs.
But the researchers found there had been a 56 per cent drop in shops being closed because larger retailers, with 10 or more sites, went out of business.
They said many of the chains that were going to fail already had in recent years. But Joules, McColl’s and TM Lewin among others still went under.
“Rather than company failure, rationalisation now seems to be the main driver for closures as retailers continue to reduce their cost base at pace," said the Centre for Retail Research’s director, Prof Joshua Bamfield.
Prof Bamfield said the trend was likely to continue this year, but added that a few “big hitters” could also go under.
The centre said that more than 151,000 retail jobs had been lost in the UK last year, including from online retailers. This was an increase of more than 45,000 on the year before.
UK's finance minister says he is focused on bringing down inflation as economy shrinks - video
The real estate adviser Altus Group said that retailers and landlords would have to pay almost £1.1 billion ($1.3bn) from April 1 to cover the business rates on empty sites. These are sites that have been empty for three months.
“Rate-free periods need to be urgently extended to reflect the time that it actually takes to re-let vacant properties," said Robert Hayton, the UK president of Altus Group.
“The current woes facings the retail sector, driven by the war in Ukraine, mean that empty rates are ripe for modernisation.”
The biog
Family: He is the youngest of five brothers, of whom two are dentists.
Celebrities he worked on: Fabio Canavaro, Lojain Omran, RedOne, Saber Al Rabai.
Where he works: Liberty Dental Clinic
$1,000 award for 1,000 days on madrasa portal
Daily cash awards of $1,000 dollars will sweeten the Madrasa e-learning project by tempting more pupils to an education portal to deepen their understanding of math and sciences.
School children are required to watch an educational video each day and answer a question related to it. They then enter into a raffle draw for the $1,000 prize.
“We are targeting everyone who wants to learn. This will be $1,000 for 1,000 days so there will be a winner every day for 1,000 days,” said Sara Al Nuaimi, project manager of the Madrasa e-learning platform that was launched on Tuesday by the Vice President and Ruler of Dubai, to reach Arab pupils from kindergarten to grade 12 with educational videos.
“The objective of the Madrasa is to become the number one reference for all Arab students in the world. The 5,000 videos we have online is just the beginning, we have big ambitions. Today in the Arab world there are 50 million students. We want to reach everyone who is willing to learn.”
Oscars in the UAE
The 90th Academy Awards will be aired in the UAE from 3.30am on Monday, March 5 on OSN, with the ceremony starting at 5am
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Tips for taking the metro
- set out well ahead of time
- make sure you have at least Dh15 on you Nol card, as there could be big queues for top-up machines
- enter the right cabin. The train may be too busy to move between carriages once you're on
- don't carry too much luggage and tuck it under a seat to make room for fellow passengers
Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
The Orwell Prize for Political Writing
Twelve books were longlisted for The Orwell Prize for Political Writing. The non-fiction works cover various themes from education, gender bias, and the environment to surveillance and political power. Some of the books that made it to the non-fiction longlist include:
- Appeasing Hitler: Chamberlain, Churchill and the Road to War by Tim Bouverie
- Some Kids I Taught and What They Taught Me by Kate Clanchy
- Invisible Women: Exposing Data Bias in a World Designed for Men by Caroline Criado Perez
- Follow Me, Akhi: The Online World of British Muslims by Hussein Kesvani
- Guest House for Young Widows: Among the Women of ISIS by Azadeh Moaveni
Favourite things
Luxury: Enjoys window shopping for high-end bags and jewellery
Discount: She works in luxury retail, but is careful about spending, waits for sales, festivals and only buys on discount
University: The only person in her family to go to college, Jiang secured a bachelor’s degree in business management in China
Masters: Studying part-time for a master’s degree in international business marketing in Dubai
Vacation: Heads back home to see family in China
Community work: Member of the Chinese Business Women’s Association of the UAE to encourage other women entrepreneurs
Simran
Director Hansal Mehta
Stars: Kangana Ranaut, Soham Shah, Esha Tiwari Pandey
Three stars
Company%20Profile
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