More UK retail stores closed in 2022 than in least five years.

The video discusses the challenges faced by the retail sector in the UK, highlighting a significant increase in shop closures and job losses in 2022. It explores the impact of rising costs and reduced consumer spending on both national chains and independent shops. Personal stories from shop owners illustrate the struggles with business rates and the emotional toll of closures. The video also provides an outlook for 2023, noting continued difficulties in the first half of the year due to economic uncertainties, but with potential improvements as conditions stabilize.

What was the approximate daily rate of shop closures in the UK during 2022?

• 30 shops per day

• 60 shops per day

• 47 shops per day

• 75 shops per day

What major financial burden is highlighted by George and Lizzie as a challenge for their business?

• Employee wages

• High rent costs

• Business rates

• Marketing expenses

Which type of retailers were most affected by closures in 2022?

• Franchise stores

• Independent retailers

• Online retailers

• National chains

What is expected to influence consumer spending in the first half of 2023?

• Decrease in energy prices

• Increase in government support

• Uncertainty with the energy price cap

• Introduction of new retail chains

What is one of the anticipated changes for retailers in April regarding financial support?

• Increase in business rates

• Reduction in business rates

• Introduction of new taxes

• Elimination of business rates