The UK's high streets and shopping destinations are showing signs of recovery, with more than 13 retail stores opening each week over the last year, according to new figures.
However, England and Wales have still seen more than 6,000 business premises disappear from local communities in the last five years.
Analysis of Valuation Office Agency data by tax firm Ryan found there were 507,810 retail premises in England and Wales at the end of 2025.
He said the figures showed that a recent contraction across the sector appeared to be stabilizing, with a net increase of 723 in the number of retail stores compared to the previous year.
The number of properties increased in all regions of England and Wales, with the exception of the North West, which saw a decrease of 41.
It suggests that parts of the sector are beginning to rebalance following the significant structural contraction seen since the pandemic.
The creation of new retail units also comes as many retail property companies, such as Hammerson, have converted large empty units, often former department stores, into a larger number of smaller units.
Other retail groups, such as John Lewis, have backed away from their ambitions to convert some commercial properties for other uses, such as rental accommodation.
However, the retail sector still faces pressure from higher business rates for many businesses, higher labor costs and concerns about consumer confidence.
The data also shows that there has also been a significant decline in recent years, with a net reduction of 6,045 commercial properties since the end of 2020.
London recorded the biggest regional reduction in five years, with 1,266 business premises disappearing during the period, followed by the south-east (-1,191), the north-west (-719) and the north-east (-672).
The figures show commercial premises that have permanently disappeared from the communities, either because they have been demolished or converted for an alternative use.
The figures come as Ryan's annual business rates review 2026 highlighted the retail sector saw a 9.3% rise in rateable values in the business rates 2026 revaluation despite the major change in the retail landscape since the pandemic.
Alex Probyn, practice leader for property tax in Europe and Asia-Pacific at Ryan, said: “The pandemic accelerated structural changes that were already emerging across the retail sector, including changing consumer behaviour, hybrid work patterns and less reliance on traditional retail space in many locations.
“Many locations were arguably over-retailed pre-Covid and high streets have evolved towards more mixed-use environments, with commercial space rebalancing alongside growing demand for residential, leisure, hospitality and service uses.
“The revaluation result suggests that a large proportion of retail premises have seen increases in their assessments greater than underlying market conditions and rental evidence would have led occupiers to expect.
“Retailers should therefore carefully review and, where appropriate, challenge their assessments.”
