1 In 5 High Street Shops 'Could Close' By 2015

A new study has found one in five of Britain's high street shops could close by 2018.

It is thought one of the factors behind the shop closures is because more people are turning to the internet to carry out their shopping.

The study, which was carried out by the Centre for Retail Research, said that 62,000 shops could shut within the next five years. It also estimated that around 316,000 people would lose their jobs as a result, with areas of Britain's high streets being converted into housing.

Professor Joshua Bamfield's report, named Retail Futures 2018, suggested the first closures will be pharmacies and health and beauty stores. This will be followed by shops selling music, books, cards, stationery and gifts. DIY outlets are also expected to fold.

Speaking to the Daily Mail, he explained: "The total number of UK retail stores will fall by 22% over the next five years from 281,930 to 220,000 in 2018.

"If no action is taken, store vacancy rates could almost double to 24%. Already this year, 16 major retailers have gone into administration operating 1,985 shops and employing 14,719 staff.

"By the end of 2018, research predicts that a further 164 companies will go bust, taking 22,600 stores and 140,000 employees with them."

Wales and the North East of England are thought to be the worst affected, with almost one in three stores expected to close, while the South East is expected to see a 13% decrease in the number of shops by 2018.

(JP/IT)