EMPTY shops have become an eyesore on many British high streets and are often symbolic of a town centre’s decline.From next month, businesses will pay a higher rate of NICs of 15%, from 13.8%.

In shocking news this week, Morrisons announced it will be shutting down 52 cafes and 17 stores as part of a huge overhaul. It is understood the upcoming hikes will add around £75million to Morrisons’ costs.The Sun’s business editor Ashley Armstrong explains why so many retailers are shutting their doors.Mr Baitiéh said: “The National Insurance change adds insult to injury.

A spokesperson for Tesco said:  “We’re always looking for the best ways to serve local communities and are excited to be opening a new Tesco Express store in Halstead later this year.The Co-operative has over 7,000 registered branches owned by 17 million members, and contributes £35 billion annually to the British economy.Andy Rigby, Acting Chief Executive Officer for the East of England Co-op said: “The letting of our Halstead Supermarket will provide our co-op with secure long term rental income, generating a material increase in profit over the coming years which will support our investment in new stores and facilities.”Since then, a Midcounties Co-op in Branbury North Oxfordshire also closed its doors – and was replaced by a convenience store on March 5.

Branches usually host closing down sales – which you won’t want to miss. In December last year it was announced 19 Co-operative stores would be shut down across the UK due to “financial sustainability issues”.

A MAJOR supermarket with over 200 branches will permanently close a beloved branch this Saturday.They may go on to open a handful of stores if there is customer demand, but there are rarely ever as many stores or in the same places.High street icon Shoe Zone has also levied blame at Chancellor Rachel Reeves’ budget for creating “significant additional costs” for businesses.If you want to keep up to date with store closures happening in your town you can keep an eye on local Facebook groups. Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and storiesResidents were shocked to learn a new supermarket will be taking over the site.”We will keep the local community updated with our plans as we get closer to opening.”And ahead of today’s National Insurance hike, New Look has ramped up a store closure programme

Retail woes

Many retailers including Next and Marks & Spencer have been shutting stores on the high street and taking bigger stores in better-performing retail parks instead.While the closure of the Essex store was not caused by economic factors, The Co-op organisation has, like most companies, been hit by the cost of living.What’s increasingly common is when a chain goes bust a rival retailer or private equity firm snaps up the intellectual property rights so they can own the brand and sell it online.B&M bought three of the 19 stores, while Samy Ltd, a convenience retailer, snapped up 16.All Co-op staff members working at the branch have also been offered a role at the new Tesco.At the same time, the minimum wage will rise to £12.21 an hour from April, and the minimum wage for people aged 18-20 will rise to £10 an hour, an increase of £1.40.The group, which has closed over 50 stores over the last year and now has 297 at risk, cited “unviable” trading costs.Rami Baitiéh, chief executive of Morrisons, said aspects of the company which are “uneconomic” need “modernising”. The retailer said 18 Market Kitchens, 13 florists, 35 meat counters, 35 fish counters and four pharmacies will shut.The British Retail Consortium has predicted that the Treasury’s hike to employer NICs from April 2025, will cost the retail sector £2.3billion.Falling store sales and rising staff costs have made it even more expensive for shops to stay open.The locations, based in various areas around Central England, include Leicestershire, Yorkshire, Norfolk and the West Midlands.It will draw its blinds for the final time this Saturday, March 29 at 9pm.

“The problem is that it’s an avalanche of costs that is coming all at once.”However, just months ago, Baitiéh slammed upcoming National Insurance and national Minimum wage hikes for rocking businesses.

The Centre for Retail Research (CRR) has warned that around 17,350 retail sites are expected to shut down this year.The problem is that when a big shop closes, footfall falls across the local high street, which puts more shops at risk of closing.