CNBC's UK Exchange newsletter: Britain was once known as a ‘nation of shopkeepers.’ Now, not so much

Retail Sector Decline: The UK retail sector is facing a significant crisis, with numerous well-known retailers like Claire's, Hamleys, and New Look closing stores or going out of business due to rising costs, increased competition from online retailers, and changes in tax policies. An estimated 17,350 retail sites are expected to shut down this year, resulting in nearly 202,000 job losses.

Economic Factors Impacting Retail: Contributing factors include increased National Insurance Contributions, rising minimum wage, and changing consumer behavior leading to reduced spending. The structural decline is exacerbated by long-standing issues such as high business rates and the dominance of online shopping, raising concerns about the future viability of traditional high street shops.