Six retailers have already gone bust in 2024 and experts are warning they might not be the last.

Retailers are facing another tough year, as high inflation and a squeeze on personal finances have slowed down consumer spending.

Among those in trouble is Cheltenham-based Superdry, as reported by City AM.

In the last two weeks, Superdry has confirmed it is working on cash saving plans with Pricewaterhouse Coopers (PwC), which may include a company voluntary arrangement (CVA). And the retailer's founder and CEO, Julian Dunkerton, has been in talks with backers about a potential bid to take the brand private.

This year's biggest retail collapse is Lloyds Pharmacy, which will leave more than 1,000 stores empty and 1,000 communities without a local pharmacy.

And in the last few days, administrators at FRP Advisory have been called in to The Body Shop, with over 200 stores and 10,000 jobs at risk.

Last week it was reported that Authentic Brands, the owner of Ted Baker which has a store at Gloucester Quays, was considering a CVA or major cost cutting plan, which could include store closures.

Speaking to City AM, Rob Baxter, UK head of corporate finance and global head of KPMG's consumer and retail M&A team, said: "I would say that the retail sector has been restructuring itself for maybe 20 years.

"It looks like what we're seeing is more consolidation within certain sectors and more clear distinction between the winners and losers in the sector."

The pandemic sped up changes in the retail, leading to clear winners and losers. As Debenhams and many other established brands went bust, other retailers like Next and Frasers Group have moved in to save a range of retailers.

While Next has acquired Joules, JoJo Maman Bebe, Cath Kidston and many more, Frasers has acquired Jack Wills, Evans Cycles and Game, along with many others.

With over 10 months of the year to go, Mr Baxter said rising consumer confidence and reports that inflation will move closer to a normal rate of two per cent will help retail to recover.