High street

1,700 chain stores closed down in 2017 (that’s loads)

Toys 'R' Us, New Look, Maplin, the list goes on...

From Toys 'R' Us, to Maplin, and New Look, big name high street stores are closing down everywhere.

What it means: A new study has shown that 2017 saw a 'net' 1,700 chain shops shut down. That basically means that while 5,885 shops actually closed (a rate of 16 a day), some new stores opened too, so the 'net' figure is the fall in the total number of chain stores on the high street. The figure is the highest it's been since 2010.

Experts are blaming a rise in internet shopping, a higher minimum wage and increased 'business rates' (a tax on the physical value of your store). But the biggest challenge for shops, they argue, is the fact that people have less money to spend. The price of food is going up – what's called  – faster than wages are, which means people have less money to spend on things like clothes, and shoes.

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