New analysis found there has been with a net reduction of 6,045 retail properties since the end of 2020. But the figures reveal UK high streets and shopping destinations are showing signs of recovery
More than 6,000 retail premises have vanished in England and Wales over the past five years, new research show.
London recorded the largest five-year regional reduction, with 1,266 sites disappearing over the period, followed by the South East (-1,191), North West (-719) and North East (-672). Analysis of Valuation Office Agency data by tax firm Ryan found there has been with a net reduction of 6,045 retail properties since the end of 2020.
The figures show retail premises that have either been demolished or converted for alternative use, such as housing. But the figures reveal UK high streets and shopping destinations are showing signs of recovery as more than 13 retail stores opened each week over the past year.
There were 507,810 retail premises across England and Wales at the end of 2025, with a 723 net increase in the number of retail stores compared with a year earlier.
Property numbers increased across every region of England and Wales, with the exception of the North West, which saw a decline of 41.
Ryan said numbers have been boosted as many retail real estate firms, such as Hammerson, have turned empty large units, often former department stores, into a greater number of smaller units.
Other retail groups, such as John Lewis, have axed plans to transform some retail property into rental accommodation. However, the report warned the retail sector is still facing pressure from higher business rates, higher labour costs and shoppers being worried about their finances.
Alex Probyn, practice leader for Europe and Asia-Pacific property tax at Ryan, 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.”
It comes after new figures from the Office for National Statistics (ONS) said the total volume of retail sales fell by 1.3% in April. This marked the largest drop since May 2025 and was a heavier fall than expected by economists, who had forecast a 0.6% decline.
