One in five high street shops 'could close by 2018'

More than one in five of Britain's high street shops could close by 2018 as customers turn towards the internet, a study has shown.

File photo of shoppers on Buchanan Street, Glasgow. Credit: Andrew Milligan/PA Wire

Around 62,000 shops will fold in the next five years, according to research carried out by the Centre for Retail Research and reported in the Daily Mail.

The independent retail analysis group estimated that around 316,000 workers would lose their jobs as a result and large areas of Britain's high streets would be turned into housing.

Wales and the North West are predicted to see the highest number of closures, with nearly one in three expected to shut, while the South East is expected to see a 13% decrease in the number of shops by 2018.

Online shopping is expected to surge over the next few years, accounting for 22% of retail spending by 2018 compared to 12.7% currently, the study suggested.