Pharmacies are among the “top 10 endangered businesses”, according to an analysis of Office for National Statistics (ONS) data by small business insurance provider Simply Business.
The company’s list of the “extinction date of independent high street businesses”, published today (November 29), “was compiled using analysis of ONS data for store closures during the last 24 months of businesses with a turnover up to £500,000”, it said.
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Its calculations found that the extinction date for when pharmacies “will cease trading” is 2039 if “current rates of decline continue”.
It listed pharmacies as the seventh in line of 25 businesses set for shutdown, coming after electrical goods shops, pubs and bars and newsagents.
“With significant cuts to the amount of business rates relief available and the new costs of employment adding to their burden, [high street businesses] are feeling the pressure,” it added.
Closures looming
The analysis comes as four pharmacy bodies today joined forces to urge the government to “shield community pharmacies from…increased costs and measures” introduced in the October budget.
“We fear that, without mitigation, these additional costs will push many more [pharmacies] towards insolvency,” they said.
Meanwhile, Boots last week signed a letter to the Chancellor sharing businesses’ “significant concerns” about the “impact of the budget on the retail industry” including “inevitable” job losses.
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Community Pharmacy Scotland (CPS) also last week sent a joint letter to the cabinet secretary for finance calling for support for independent contractors.
And last month, pharmacy minister Stephen Kinnock told MPs that community pharmacies’ “decisions to close reflect many factors” amid concerns about the declining numbers in the sector.
