Shops in England and Wales Suffer More Closures

Over 19,000 shops have so far closed in 2009 according to research carried by the research firm, The Local Data Company (TLDC). The increases, according to TLDC, have risen three times in proportion to what they were last year, and many smaller towns are now facing closure rates in excess of 25%.

One of the most recent closures was that of the long established Woolworths chain of stores. With over 800 shops shut, 70% still remain empty. According to TLDC, this is having a negative effect on much of the British population, adding continued uncertainty about the financial crisis.

At a time when the government is hailing signs of stability in the economy, the closure of much of Britain’s brand names and independent shops is demonstrating a weakness and failure in the economy and also that of government policy.

However, perhaps the news is not all bad, as many town councils are resorting to more creative means to mask the effect that the economic crises is having on towns, with one example being the town of Margate which has decided to use vacant shop windows as temporary art galleries until the outlook is more positive and vendors can start trading again.

At a time when the Royal Bank of Scotland – one of the financial institutions responsible for the economic crisis was caught failing to meet its commitments towards helping businesses out of the downturn this just helps reinforce the chaos that is happening with the plans to regulate financial institutions and stabilize the economy.

Earlier in the year, the Bank of England gave significant aid to the RBS under the agreement that the bank would do more to help businesses out of recession.

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