Beloved bakery giant with over 2,600 branches to shut city-centre store for good in HOURS
Ms Currie added that while “consumer confidence has fallen, disposable income has actually improved so I think we will see an improvement when consumer confidence improves”.
The comments came as Greggs celebrated more than £2billion of sales in 2024, an 11.3 per cent increase on the previous year’s £1.8 billion.
Meanwhile, the firm opened 226 shops in 2024.
HIGH STREET STRUGGLES
Amid Greggs’ recent financial successes however, is the increasing decline of the high street.
The most recent data from the Office for National Statistics (ONS) shows online retail sales increased from 5 per cent of all retail sales in 2008 to 27 per cent in 2022.
Shoppers have also been feeling the pinch in recent years following high inflation, which has dented wallets and purses.
A House of Lords report published last year admitted the dominance of retail on high streets was “something of the past”.
It said there was a greater demand for restaurants and leisure activities, as well as public services, such as health centres and libraries, in town centres.
The Centre for Retail Research’s latest analysis suggests 13,479 stores, the equivalent of 37 each day, shut for good in 2024.
Of those, 11,341 were independent shops while 2,138 were shut by larger retailers.
A higher number of closures is expected this year too, with the centre predicting store closures to rise to about 17,350 in 2025.
It said it expects closures to surge due to the April rise in National Insurance Contributions (NICs) and national minimum wage.