According to a recent study conducted by Tyl by NatWest, the UK has experienced a significant surge in the number of fashion and clothing stores opening in recent years. The study, called the Evolving Enterprise Index, examined data from Companies House over a five-year period, focusing specifically on the number of new fashion and clothing shops that emerged during this time. The findings were astonishing, showing a whopping 243% growth in store openings between 2017 and 2022.
London, in particular, stood out with the highest growth rate in the fashion and clothing sector. Over the five-year period, the city saw a remarkable 314% increase, resulting in the addition of over 11,000 new stores. This surge in openings highlights London’s dominance in the UK fashion industry.
However, London was not the only city experiencing substantial growth. Manchester, often regarded as the UK’s premier fashion hub outside of London, witnessed a growth rate of 209% and added 1,769 new stores since 2017. Sheffield also emerged as a fashion retail hub, with a growth rate of 210% and the establishment of 363 new stores. Birmingham, the UK’s second-largest city, saw 823 new outlets open, reflecting a growth rate of 195%.
The study also shed light on the overall value of the UK fashion and clothing market, which is currently estimated at approximately £26 billion. Interestingly, 2022 experienced a 33% year-on-year increase in the number of new clothing-related shops opening nationwide. This surge can be partially attributed to the lower activity during the lockdown periods of 2020 and 2021 but also points to the sector’s recovery after the pandemic.
The findings of the study suggest that there are vast opportunities for growth in the fashion and clothing sector throughout the UK, beyond just London. While the capital remains at the forefront, the increasing number of store openings across the country indicates evolving consumer demand and resilience within the industry. It is encouraging to witness the sector bounce back after facing significant challenges during the pandemic.
To learn more about the growth of the fashion and clothing sector in the UK, you can refer to the following links:
1. Independent – The Rise of Online Shopping in the Fashion Industry
2. Business of Fashion – Understanding the UK Fashion Industry’s Economic Footprint
