The future of the British high street is looking up, as a report reveals that store survival rate is up to 42% in 2014.
This figure compares to 35% in 2013, although is less that a 50% and 67% survival rate in 2012 and 2011 respectively.
FRP Advisory, the restructuring and survival firm, released the statistics in its ‘retail administration survival index.’
The uplift has been pinned on a boost in consumer confidence, as well as increased spending due to cheaper fuel.
Glyn Mummery, partner at FRP Advisory’s Essex office, said: "The high street has finally turned a corner and is re-emerging after four years of significant store culling.
“We anticipate that for the 18 months ahead as the economy continues to hold firm with consumer confidence spreading further onwards from London and the South East, there will be fewer retail failures overall but still those chains which come under cash flow pressure after years of under investment to manage through the downturn but leaving them vulnerable to sudden pick-ups in demand and strain on working capital.”
The analysis was based on the 13 major UK high street retailers placed into administration in 2014.
So far just three major retailers have gone into administration in the UK for 2015, affecting 125 stores of which around 70% survived, meaning levels are back to those seen in 2011.