The past five years have seen more than 6,000 retail premises disappear from towns in England and Wales as high streets were forced to adapt to major structural changes following the pandemic.
The analysis, by the global tax firm Ryan, found the total number fell from 513,855 at the end of 2020 to 507,810 by the end of 2025, a net reduction of 6,045 retail properties.
That equates to more than 23 shops disappearing every week over the five-year period.
London was hit hardest, with 1,266 going, followed by the South East (-1,191), North West (-719) and North East (-672).
But the analysis also identified signs that the pace of contraction may now be stabilising. The total number of premises across England and Wales increased by 723 between the end of 2024 and the end of 2025.
Property numbers increased across every region of England and Wales, with the exception of the North West (-41), suggesting parts of the sector were now beginning to rebalance following significant structural contraction seen since the pandemic.
Many locations were arguably over-retailed before Covid and high streets have evolved towards more mixed-use environments
The figures came as Ryan’s 2026 Annual Business Rates Review highlighted that the retail sector saw a 9.3% increase in rateable values at the 2026 business rates revaluation despite significant structural changes across the retail landscape between valuation dates.
Alex Probyn, Ryan’s Practice Leader for Europe and Asia-Pacific Property Tax, said: “The pandemic accelerated structural changes that were already emerging across the retail sector, including changing consumer behaviour, hybrid working patterns and a reduced reliance on traditional retail floorspace in many locations.
“Many locations were arguably over-retailed before Covid and high streets have evolved towards more mixed-use environments, with retail space being rebalanced alongside growing demand for residential, leisure, hospitality and service-led uses.
“The revaluation outcome does suggest a large proportion of retail premises have seen bigger increases in their assessments than underlying market conditions and rental evidence would have led occupiers to expect. Retailers should therefore carefully review and, where appropriate, challenge their assessments.”
The analysis was published as several big names announced changes. Following such announcements from the likes of River Island and Poundland, Morrisons said it is planning to close 100 convenience stores over the coming months, citing rising costs linked to government policy.
The supermarket said their Morrisons Daily stores had been loss-making for some time and were originally acquired as part of its £190m rescue deal for McColl’s in 2022.
